AfDB to double Africa’s climate finance to $25bn

The African Development Bank (AfDB) says it will within the next five years double the climate change finance of Africa to 25 billion dollars.

Dr Kevin Kariuki, AfDB Vice-President for Power, Energy, Climate and Green Growth, said this at a virtual news conference on Wednesday in preparation for the bank’s 2022 annual meetings to be held in Accra, Ghana.

Kariuki said the bank would invest the finance to support African countries to become resilient both in adaptation and mitigation between 2020 and 2025.

He disclosed that the AfDB had in the last five years spent 13 billion dollars in the same effort toward adaptation and mitigation of climate change in the continent.

Kariuki also said the bank with the Global Centre on Adaptation had committed to mobilise a further 25 billion dollars to address adaptation in Africa.

On supporting energy transition in Nigeria, Kariuki said the bank was committed to supporting the country in its energy transition efforts.

The annual meeting is the AfDB Group’s most important event, attracting no fewer than 3,000 delegates and attendees yearly.

The meetings which is scheduled to take place between May 23 and 27 in Accra, Ghana, would help the bank to take stock of progress with its shareholders.

It will also provide a unique forum for representatives of governments, business, civil society, think tanks, academia, and the media, to discuss key issues concerning Africa’s ongoing development.