African Development Bank Pledges $25 Billion for Climate Finance by 2050

The President of the African Development Bank, Akinwunmi Adeshina, announced on Tuesday that the institution will provide $25 billion for climate finance by 2050.

During the second day of the momentous African Climate Summit, this announcement was made at the Kenyatta International Convention Centre in Nairobi, Kenya. The African Climate Summit is a first-of-its-kind initiative in Africa, with a central emphasis on green growth and climate finance, intended to foster a prosperous, carbon-free future for the continent.

One of the primary goals of the summit is to establish Africa’s priorities for the 28th annual conference of members of the United Nations Framework Convention on Climate Change (UNFCCC), which is scheduled to take place from November 30 to December 12, 2023 in Dubai, United Arab Emirates.

Adeshina emphasized the urgent need for decisive national action to address climate adaptation.

He stated, “At the national level, we must expedite climate adaptation actions, which is why the African Development Bank has pledged $25 billion by 2025 for climate finance. In collaboration with the Global Centre on Adaptation, we have also launched the African Adaption Act Commission program, which represents the largest climate adaptation initiative worldwide. Africa must develop using the resources it already possesses, not those it lacks.”

Adeshina called for the integration of natural gas and renewable energy sources to meet the continent’s energy requirements, emphasizing the significance of utilizing Africa’s abundant renewable energy potential. Adeshina highlighted that this strategy would only contribute 0.5% to global emissions.

“We cannot rely on potential alone; we must unlock Africa’s vast renewable energy resources.” To accomplish this, the African Development Bank is implementing a $20 billion plan to harness the potential of solar energy and provide electricity to 250 million people. Our mission is to provide all homes, schools, and hospitals with stable, affordable, and dependable electricity. However, we must also adopt a pragmatic approach by integrating Africa’s natural gas reserves with renewable energy, as Adeshina explained.

This commitment by the African Development Bank highlights the growing urgency and global consensus regarding climate change mitigation and the promotion of sustainable development in Africa.

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