Africa Development Bank commits $25B towards climate financing by 2025
Environment
By
Sharon Wanga
| Sep 05, 2023
Africa Development Bank President Akinwumi Adesina during the Africa Climate Summit at KICC, Nairobi. [Stafford Ondego, Standard]
The Africa Development Bank (AfDB) and the Global Centre for Adaptation (GCA) have pledged to release more funding for youth and women to support climate change adaptation programs.
Speaking during the Africa Climate Summit on Tuesday, September 5, AfDB president Adesina Akinwumi averred that women and youth must be at the centre of climate financing.
"That's why the African Development Bank and the Global Center on Adaptation are announcing here today, the launch of a $1 billion facility for youth adaptation programs that will accelerate access to financing for the youth to tackle climate change," said Akinwumi.
He remarked that women and children bear the brunt of the impact of climate change, citing the rising cost of living caused by climate action.
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The AfDB President further said that they will roll out youth entrepreneurship investment banks to support and grow young people's businesses across Africa.
Akinwumi urged development stakeholders to ensure that they fulfill their pledges of channeling enough funds to finance climate.
"The global climate financial architecture must be changed to prioritise the needs of Africa at the national level on climate adaptation, that is why AfDB has committed to providing $25 billion towards climate finance by 2025," he said.
He added that Africa has enough resources to develop into a greener continent by embracing the use of its natural gas combined with renewable resources.
"That's why the African Development Bank is implementing a $20 billion desert of power program to harness the power of solar and deliver electricity for 250 million people," he added.
He further urged leaders to practice climate-resilient agricultural systems and evaluate natural resources like forests that can provide enough carbon.
"We have mobilized Heads of State and Governments globally to contribute $72 billion to support African countries to implement these food and agricultural delivery compacts and ensure food security and food sovereignty within five years."
AfDB has also launched the African Adaptation Acceleration Program, together with the Global Center for Adaptation, the largest in the world.