In an effort to accelerate climate adaptation initiatives, the President of the African Development Bank, Femi Adesina, announced on Tuesday that the financial institution has committed to providing $25 billion for climate finance by the year 2050.
This commitment was made during the second day of the African Climate Summit, which is currently taking place at The Kenyatta International Convention Centre in Nairobi, Kenya.
The African Climate Summit is a pioneering event in Africa, focusing on green growth and climate finance, with the goal of creating a prosperous and carbon-free Africa.
The summit aims to shape Africa’s priorities for the 28th annual meeting of members of the UNFCCC (United Nations Framework Convention on Climate Change), which is scheduled to be held in Dubai, United Arab Emirates, from November 30 to December 12, 2023.
This summit represents a significant step towards addressing climate change and promoting sustainable development in Africa.
Adeshina said, “At the national level, we must accelerate actions on climate adaptation and that is why the African Development Bank has committed to providing $25bn to providing climate finance by 2025.
“We have also launched the African Adaption Act Commission programme together with the Global Centre on Adaptation, the largest climate adaption programme in the world. Africa must develop with what it has not what it does not have.”
To harness Africa’s potential in renewable energy, Adeshina called for the combination of natural gas and renewable energy to provide energy in the continent.
The AfDB president added that this combination would only contribute 0.5 per cent to global emissions.
“We cannot power Africa with potential. We must truly unlock Africa’s renewable energy potential. That is why the Africa Development Bank is implementing $20bn to harness the power of solar and deliver electricity to 250 million people.
“We must power every home, school, and hospital and provide stable, affordable and reliable power. But we must be pragmatic, Africa must use its natural gas and combine it with renewable energy”, he said.
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