AfDB set to mobilize $25 billion to scale up African climate adaptation

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The African Development Bank (AfDB) has formally launched the Africa Adaptation. Acceleration Program (AAAP) that would mobilize $25 billion to scale up and accelerate climate change adaptation actions across Africa.

This disclosure was made by the President of AfDB, Dr. Akinwunmi Adesina, during the Climate Adaptation Summit (CAS) 2021, hosted by the government of the Netherlands and the Global Centre on Adaptation (GCA).

According to Dr. Adesina,

• “Our ambition is bold: to galvanize climate resilience actions; support countries to accelerate and scale up climate adaptation and resilience, and mobilize financing at scale for climate adaptation in Africa”
• “Our Youth Adaptation flagship will unlock $3 billion for the youth, support 10,000 youth-led SMEs in climate resilience, and build capacity for one million youth on climate adaptation”

Dr. Adesina thanked Ban Ki-Moon for his role in the establishment of GCA’s regional office for Africa in Abidjan in 2020, which was hosted by the Bank.

He also acknowledged that the presence of John Kerry, U.S. special envoy for climate, provided a boost to global climate efforts and stated, “With you in charge, and the strong and palpable leadership of President Biden, we are reenergized on the global agenda on climate change”

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What they are saying

• In consideration of the huge gaps in financing for adaptation in developing countries, the UN Secretary-General, Ban Ki Moon, called for 50% of all climate finance provided by developed countries and multilateral development Banks to be allocated to adaptation and resilience in developing countries, noting, “the African Development Bank set the bar in 2019 by allocating over half of its climate financing to adaptation.”
• The Ghanaian president, Nana Addo Dankwa Akufo-Addo, said that his country was working with the private sector with the assistance of the Green Climate Fund, “to establish a multimillion-dollar green fund to support our climate adaptation interventions and our efforts to transition to renewable energy.”

What you should know

• The Climate Adaptation Summit holds annually to discuss emerging climatic issues and challenges facing Africa
• The AAAP, a joint initiative between the African Development Bank and the Global Centre on Adaptation, is expected to scale up innovative and transformative actions on climate adaptation across Africa.
• The African Development Bank Boss participated in three sessions and outlined a number of Bank initiatives, including the $20 billion Desert to Power project to create a solar zone in the Sahel, the largest in the world.
• The Bank’s Technologies for African Agricultural Transformation (TAAT) initiative has leveraged $450 million and provided 19 million farmers in 27 countries with climate-resilient agricultural technologies, raising average yields by 60%. [NAIRAMETRICES]