AfDB Commits $25bn to African Climate Fund

Akinwunmi Adeshina, the President of the African Development Bank, announced at the African Climate Summit, Kenya, that the finance institution will provide $25 billion for climate finance by 2050.
 President of the African Development Bank
President of the African Development BankTwitter

This commitment is part of a broader effort to accelerate climate adaptation measures.

The African Climate Summit is a groundbreaking event focused on green growth and climate finance, with the goal of fostering a prosperous, carbon-free Africa. It serves as a platform for shaping 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.

Adeshina stated the need for swift action on climate adaptation at the national level. He stated, "At the national level, we must accelerate actions on climate adaptation, and that is why the African Development Bank has committed to providing $25 billion for climate finance by 2025.

"We have also launched the African Adaptation Act Commission program together with the Global Centre on Adaptation, the largest climate adaptation program in the world. Africa must develop with what it has, not what it does not have."

In his address, Adeshina advocated for the harnessing of Africa's potential in renewable energy. He called for a strategic combination of natural gas and renewable energy sources to generate power across the continent. Adeshina noted that this approach would only contribute 0.5 percent to global emissions.

"We cannot power Africa with potential. We must truly unlock Africa’s renewable energy potential. That is why the African Development Bank is implementing a $20 billion initiative to harness the power of solar energy 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 emphasized.

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