The President of the African Development Bank, Akinwunmi Adesina, has announced that the institution is committing to provide $25 billion in climate finance by 2050 as part of its efforts to accelerate climate adaptation in Africa. This commitment was made during the African Climate Summit, a landmark event focused on green growth and climate finance to promote a prosperous and carbon-free Africa.
The African Climate Summit is the first of its kind in Africa and is aimed at setting the continent’s climate agenda for the 28th annual meeting of members of the United Nations Framework Convention on Climate Change (UNFCCC), scheduled to take place in Dubai from November 30 to December 12, 2023.
Akinwunmi Adesina emphasized the importance of accelerating climate adaptation actions at the national level. In addition to the $25 billion commitment to climate finance by 2050, the African Development Bank has launched the African Adaptation Act Commission program in collaboration with the Global Center on Adaptation, which is the largest climate adaptation program globally.
Adesina also highlighted the need to harness Africa’s renewable energy potential. He called for the combination of natural gas and renewable energy sources to provide energy on the continent. This approach, he noted, would contribute only 0.5 percent to global emissions while helping Africa access stable, affordable, and reliable power. The African Development Bank is already implementing a $20 billion initiative to harness the power of solar energy and provide electricity to 250 million people in Africa.
Overall, Adesina’s announcements reflect the African Development Bank’s commitment to addressing climate change, promoting sustainable development, and ensuring access to clean and reliable energy across the continent.