BUSAN, Republic of Korea, May 25, 2018/APO Group/ --

Scientific evidence shows that African economies are already reeling from the devastating effects of climate change, further exacerbating their development challenges. Of the 10 countries in the world that are most threatened by climate change, seven are in Africa.

Cognizant of this situation, the African Development Bank (www.AfDB.org) led the way to what may turn out to be Africa’s most decisive action to ensure that the continent is not short-changed by climate finance.

At the 53rd Annual Meetings of the Bank (https://am.AfDB.org/en), in Busan, Korea, the institution brought stakeholders together for an “open dialogue” to discuss the establishment of the Africa Financial Alliance for Climate Change (AFAC). The initiative was well received by key continental and global stakeholders who agreed with the Bank that Africa needs immediate climate change action.

“The establishment of the African Financial Alliance for Climate Change is a call for us to stand together to mobilize climate finance at scale to meet the needs in Africa,” Akinwumi Adesina, President of the African Development Bank, said Friday.

The 2015 Paris Climate Agreement calls on countries to increase their ability to adapt to the adverse impacts of climate change without threatening food production, and make financial flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.

“As Africa’s premier development financial institution, the African Development Bank is already taking action. The Bank is leading Africa’s transition to climate resilient economies,” he said. “The financing needs to meet the ambitions of the Paris Climate Agreement in Africa are enormous. The implementation of Africa’s Nationally Determined Contributions (NDCs) would require investments of at least $2.7 trillion for mitigation and another $488 billion for adaptation by 2030.”

The international community has pledged to mobilize $100 billion in climate finance per annum by 2020 to support adaptation and mitigation projects in developing countries. However, of the US $820 billion in climate finance flows for 2015 and 2016, only US $16 billion was for Africa. This represents a mere 2% of the total.

“This is why the African Development Bank is hosting this open dialogue to initiate the establishment of the African Financial Alliance for Climate Change as a call for us to stand together to mobilize climate finance at scale to meet the needs in Africa,” Adesina added. 

He noted that the Bank could not achieve the task alone, pointing out that without achieving the Paris Climate Agreement in Africa, the world will not achieve the required reductions in greenhouse gases to keep global temperatures below the required target.

The Alliance brings together Africa’s financial sector, including Ministers of Finance, Central Banks, insurance and reinsurance companies, sovereign wealth and pension funds, stock exchanges as well as global thought leaders to mobilize climate finance for Africa. It also hopes to come up with concrete proposals to mobilize both domestic and international finance for climate-resilient development in Africa.  “Together, we can create a Decarbonisation Index for Africa,” President Adesina told the meeting.

“The idea of having the Alliance is a fantastic one, because we recognize that the world is also looking to us. While Africa is not the primary cause of the climate change that we see in the word today, we are the continent where the impact is very great, and the world is not as prepared to finance us to take care of this impact. We can’t let it go because it is our people who are suffering,” said Ngozi Okonjo-Iweala, Chair of the Africa Risk Capacity (ARC).

“Just for you to know the impact of climate change, of all the drought that occurs in the world, 41% occurs on the African continent. We lose about 485,000 people to indoor pollution, premature deaths that could have been avoided and also the devastating impact caused by flood. I can go on and on.”

The President of the Development Bank of Southern Africa (DBSA) and Chair of the Association of African DFIs, Patrick Dlamini, observed that collaboration was crucial to catalyzing funds and making a difference. “This is possible under the leadership of the African Development Bank. We can then play our role as development finance institutions to being the policy instruments of our various Governments and in alliance with partners.”

The CEO of the Global Environment Facility (GEF), Naoko Ishii, pledged the support of her organization for the Alliance and was optimistic that it would motivate the GEF to do much more for Africa.

For his part, Howard Bamsey, CEO of Green Climate Fund, said, “The Alliance is a fundamental step towards meeting the climate change challenge in Africa. There has to be an African solution to the challenge that we face and this initiative presents the opportunity to mobilize that.”

The Africa Financial Alliance for Climate Change will be launched on the margins of the Africa Investment Forum (www.AfricaInvestmentForum.com) in South Africa, November 7 to 9, 2018 and will bring together heads of financial institutions.  

Read more: African Development Bank takes landmark lead on...

The African Development Bank and the Global Green Growth Institute partner to fast-track Green Growth in Africa This partnership reinforces the work of the Africa NDC Hub hosted by the African Development Bank, in accelerating climate action to transition Africa towards a low carbon and climate resilient development pathway BUSAN, Republic of Korea, May 25, 2018/APO Group/ -- The African Development Bank  (www.AfDB.org) and the Global Green Growth Institute (GGGI) (www.GGGI.org) signed a Memorandum of Understanding (MoU) Friday on the sidelines of the African Development Bank Group’s Annual Meetings in Busan, (https://am.AfDB.org/en) to promote programs, projects, joint studies and research activities to accelerate green growth options for African countries. The African Development Bank and the Global Green Growth Institute will cooperate in several areas, including conducting a joint study on green growth readiness in Africa and exploring ways to align both organizations’ activities with the implementation of Sustainable Development Goals (SDGs) and Nationally Determined Contributions (NDCs). Further, the two organizations will work together to generate synergies in areas, such as the Global Green Growth Institute’s cities programs and the African Development Bank’s initiatives on clean energy, sustainable landscapes, green cities and water and sanitation, with the ultimate goal of strengthening climate resilience in Africa. The MoU was signed by Amadou Hott, Vice-President, Power, Energy, Climate and Green Growth, African Development Bank, and Hyoeun Jenny Kim, Deputy Director General and Head of Green Growth Planning and Implementation, Global Green Growth Institute. “The African Development Bank believes in building strong partnerships to accelerate Africa’s development. This MoU with the Global Green Growth Institute strengthens our cooperation for effective delivery of the High 5s (www.AfDB.org/en/the-high-5) agenda in a manner that transitions African countries towards green growth. We very much look forward to this collaboration with GGGI,” said Vice-President Amadou Hott. Deputy Director General Hyoeun Jenny Kim said, “The MoU we sign today will also support the sharing of green growth knowledge and best practices from GGGI’s Member and partner countries. We look forward to conducting joint research activities with African Development Bank in designing and developing green growth projects and programs and sharing knowledge and experience through launching joint publications and participating in and co-organizing events – all of which will help to promote green growth in Africa.” This partnership reinforces the work of the Africa NDC Hub (https://goo.gl/jxuisv) hosted by the African Development Bank, in accelerating climate action to transition Africa towards a low carbon and climate resilient development pathway. Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contacts:
GGGI
HeeKyung Son, Communications Specialist, tel. +82 70-7117-9957, This email address is being protected from spambots. You need JavaScript enabled to view it.

AfDB: 
Olivia Ndong Obiang, Principal Communication Officer, This email address is being protected from spambots. You need JavaScript enabled to view it. 
Davinah Milenge Uwella, Principal Program Coordinator, Climate Change and Green Growth Department
tel. +225 20 26 1880, This email address is being protected from spambots. You need JavaScript enabled to view it. 

For more information on the 2018 Annual Meetings: https://am.AfDB.org/en 
#AfDBAM2018

About the African Development Bank
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org. You can also follow the Bank on Twitter and join us on Facebook (www.Facebook.com/GGGIHQ), YouTube (www.YouTube.com/user/GGGIMedia),  Flickr (www.Flickr.com/photos/afdbgroup)  and  Instagram (https://Instagram.com/afdb_group).

About the Global Green Growth Institute (GGGI)
Based in Seoul, GGGI (www.GGGI.org) is an intergovernmental organization that supports developing country governments transition to a model of economic growth that is environmentally sustainable and socially inclusive. GGGI delivers programs in 27 partner countries with technical support, capacity building, policy planning & implementation, and by helping to build a pipeline of bankable green investment projects. More on GGGI’s events, projects and publications can be found on www.GGGI.org. You can also follow GGGI on Twitter (https://Twitter.com/AfDB_Group) and join us on Facebook (https://goo.gl/DAX78J), YouTube (www.YouTube.com/user/afdbcomu) and LinkedIn (https://goo.gl/CUxPbF)

Photos: https://goo.gl/oxjeaY

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JOHANNESBURG, South Africa, May 25, 2018/APO Group/ --

Today, Africa Day, citizens and communities in almost 20 countries across the African continent are gathering, taking to the streets and actively blocking the fossil fuel economy as part of a continent-wide day of action.

By joining the Break Free movement, regular citizens and activists from communities across Africa will call on governments and business to put an end to fossil fuels and move towards a just transition to 100% renewable energy for all.

There are over 30 events registered (goo.gl/hnLJE1), in which those hardest hit by fossil fuels projects and the impacts of climate change will make their voices heard by those in power.

Some of these events include:

  • A picket in Lephalale where communities will call for the cancellation of the local proposed private coal-fired power station, Thabametsi;
  • A photo exhibition showcasing the work of anti-coal activists (Lamu);
  • Representatives from coal mining affected communities will denounce the effects of coal mining (Abuja);
  • ACRP will update local decision makers on the realities of climate change and discuss their plans and progress towards shifting to 100% renewable energy (Johannesburg);
  • Anti coal activists will be mobilising in Bargny, Ngadje beach to oppose the launch of the first coal power plant in (Senegal).

The Break Free movement in Africa is co-ordinated by Greenpeace Africa (www.Greenpeace.org/africa), African Climate Reality Project (ACRP), 350.org (http://350.org) and Earthlife Africa Jhb: empowering local communities to rise with acts of courage and come together as a global movement for climate action and justice.

Content for documentation will be made available on the co-ordinating organisations’ social media platforms, including soundbites from our Break Free podcasts and hi-res images of the local events.

QUOTES

“Funding fossil fuel development will only exacerbate the impacts of climate change. Africa has an opportunity to develop its energy sector using clean, renewable energy. It is this development that banks and financial institutions should support, and break free from financing fossil fuels. It's time to deCOALonise Africa!" -  Landry Ninteretse, Regional Team leader, 350.org (http://350.org

"South Africa’s almost complete reliance on coal for electricity has severe consequences for water. To protect our right to clean and accessible drinking water, we must Break Free from coal and irrational water-intensive projects like Thabametsi must be stopped. There are effective alternatives to coal, but there are no alternatives to water" - Nhlanhla Sibisi, Climate and Energy Campaigner, Greenpeace Africa.

“Declaring War against mother earth is suicidal, because no one gives breath best like she does. Coal fired power stations are a giant ticking time bomb, waiting to explode.” - Thabo Sibeko, Programs & Education Officer, Earthlife Africa.

“By having more fossil fuels burning in South Africa we expect to see increased climate change impacts in our country – and that’s from a bigger, long term perspective. By developing in water-stressed regions, coal-fired power stations would be undermining a crucial resource that they need to run, while putting extreme pressure on the surrounding communities’ basic needs”. – Gillian Hamilton, ACRP Branch Manager.

Notes

350.org (http://350.org) is building the global grassroots climate movement that can hold our leaders accountable to science and justice.

Earthlife Africa is a non profit organisation that encourages and supports individuals, businesses and industries to reduce pollution, minimise waste and protect our natural resources.

Greenpeace Africa (www.Greenpeace.org/africa) is an independent environmental campaigning organization with a vision of ‘an Africa where people live in harmony with nature in a peaceful state of environmental and social justice’.

The African Climate Reality Project works with African Climate Leaders, governments, NGOs and scientists across the continent to create tools and resources to support a network of African leaders who mobilise communities to find solutions to climate change.

Read more: Africans want the continent to #BreakFree from...

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