Thursday, 15 October 2015

AFDB to triple annual climate financing to $5 bn by 2020


AFDB to triple annual climate financing to $5 bn by 2020The President of the African Development Bank (AfDB), Akinwumi Adesina, announced on Friday, October 9 that the AfDB would nearly triple its annual climate financing to reach $5 billion a year by 2020. AfDB’s climate spending will increase to 40% of its total new investments by 2020.  


“Climate change is both an urgent threat and a unique opportunity,” Adesina said. “The Bank is significantly stepping up its support for African countries, not only to meet that threat but also to seize the opportunity to drive low-carbon, climate-resilient growth.”  

Half of the $5 billion will be dedicated to reducing Africa’s greenhouse gas emissions by unlocking Africa’s enormous potential for renewable energy, especially solar, hydro, wind and geothermal power. The AfDB will also work with its clients to improve energy efficiency and build sustainable transport systems.  

The other half of the $5 billion will help African economies adapt to climate change through measures such as investing in climate-resilient crops, building sustainable infrastructure and improving irrigation and access to water. To this end, the Bank will also be integrating climate resilience into all of the infrastructure projects it finances.  

The African Development Bank has committed almost $7 billion to support climate-resilient and low-carbon development in Africa in the past four years. Its energy investments last year will deliver power that is 90% generated from renewable sources. The AfDB also supports the Africa Renewable Energy Initiative and the Africa Adaptation Initiative, both endorsed by the African Union heads of state and government. Read More...

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