The African Development Bank is to spend an additional $12.5bn on climate change between 2020 to 2025.
AfDB’s President, Dr. Akinwumi Adesina, revealed this on Monday at the ‘Climate Adaptation Summit 2021.’
The two-day summit will be used to adopt a roadmap toward a climate-resilient Africa by 2030.
He said Africa needed to be heard and that collective actions should be taken to help the continent adapt to climate change.
He noted that the bank had increased its climate finance by 400 per cent, from nine per cent in 2016 to 38 per cent in 2019.
“We expect to reach 40 per cent in climate finance this year. To do more for Africa, we are building strategic partnerships,” Adesina said.
Commending the Global Centre for Adaptation-Africa, Adesina noted that the ambition “is bold.”
“To galvanise climate resilience actions; support countries to accelerate and scale up climate adaptation and resilience; and mobilise financing at scale for climate adaptation in Africa, the AfDB and the GCA-Africa have launched the ‘Africa Adaptation Acceleration Program’ to mobilise $25bn in new climate finance for Africa — and to scale up innovative and transformative actions on climate adaptation across Africa,” explained the AfDB boss.
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