By Milcah Tanimu
The President of the African Development Bank (AfDB), Femi Adesina, announced on the second day of the African Climate Summit in Nairobi, Kenya, that the financial institution is committed to providing $25 billion in climate finance by 2050. This commitment is part of the bank’s efforts to accelerate climate adaptation in Africa.
The African Climate Summit is a landmark event in Africa, focusing on green growth and climate finance with the goal of fostering a prosperous, carbon-free Africa. It serves as a platform to set Africa’s agenda for the 28th annual meeting of members of the United Nations Framework Convention on Climate Change (UNFCCC), scheduled to take place in Dubai, United Arab Emirates, from November 30 to December 12, 2023.
President Adesina emphasized the need for accelerated climate action at the national level and highlighted the AfDB’s commitment to provide $25 billion in climate finance by 2025. He also mentioned the launch of the African Adaptation Act Commission program, in collaboration with the Global Center on Adaptation, which is the world’s largest climate adaptation program.
Adesina stressed the importance of Africa utilizing its renewable energy potential and mentioned the AfDB’s $20 billion initiative to harness solar power to provide electricity to 250 million people. He emphasized the need to power homes, schools, hospitals, and provide stable, affordable, and reliable electricity while pragmatically combining renewable energy with natural gas resources.
Additionally, Adesina noted that the combined efforts in this direction would contribute only 0.5 percent to global emissions, underlining the importance of responsible and sustainable development in Africa.
