African Development Bank (AfDB) Group President Dr. Akinwumi Adesina addressed the pressing issue of inadequate financing for climate change efforts in Africa during the bank’s 2023 Annual Meetings in Sharm El Sheikh, Egypt. The Annual Meetings focus on mobilizing private sector financing for climate and green growth in Africa, reflecting the urgency of the climate crisis.
Dr. Adesina expressed his disappointment in developed nations for failing to meet their commitment of providing $100 billion annually in climate finance to developing countries. He highlighted the detrimental impact of this financial shortfall on Africa, emphasizing that the continent is being hindered and disadvantaged by the lack of climate finance. He called on the media to play an essential role in raising awareness and urgency about the critical need for climate finance in Africa.
Adesina drew attention to the severe consequences of climate change across Africa, such as water stress, food insecurity, droughts, floods, and an increase in refugee populations. He stressed the necessity for a 36% annual growth in Africa’s private sector climate financing to address these challenges effectively.
The African Development Bank has taken a proactive role in climate adaptation efforts, allocating 63% of its climate finance towards this cause, the highest among multilateral development banks. The Bank’s initiatives include the Climate Action Window, which supports farmers with climate-resistant seeds, and the Desert to Power initiative, aimed at developing 10,000 megawatts of solar power in the Sahel region.
Additionally, the Bank has launched the African Adaptation Acceleration Program and the Alliance for Green Infrastructure to mobilize funds for climate change adaptation and green infrastructure projects throughout Africa.
Adesina highlighted the transformative potential of adequate climate financing, emphasizing that it could provide electricity to the Sahel region, restore the Chad basin’s water resources, and safeguard African nations against catastrophic weather events. He also underscored Africa’s significant natural capital, estimated at $6.2 trillion, which, if effectively harnessed, could drive economic growth and generate wealth.
The successful Technologies for African Agricultural Transformation (TAAT) scheme, which enables countries like Ethiopia to achieve self-sufficiency in wheat production and plan for exports, was highlighted as an example of impactful initiatives.
In addition, the Bank will unveil its African Economic Outlook report during the Annual Meetings, providing an in-depth analysis of the current state of African economies.
