By Wezzie Gausi
The governors of the African Development Bank (AfDB) have said the bank should invest $25 billion as climate financing between 2020 and 2025.
In a communique issued recently, the governors told the bank to work towards delivering its commitment to invest in climate financing.
The governors also emphasised on the need to scale up climate actions and green investments across Africa.
The communique further says the bank has to support a climate-resilient and low-emission future in Africa while aligning its operations with the bank’s 2021-2030 Climate Change and Green Growth Strategic Framework as well as the Paris Agreement, and consistent with the respective Nationally Determined Contributions of Regional Member Countries.
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“We call on the bank to continue working towards deepening its partnerships with other multilateral development banks towards coordinated and joint action on climate and development, strengthening collaboration to scale up finance and enhance results measurement, strengthening country-level collaboration, and increasing co-financing and private sector engagement within the framework of the joint statement issued at CoP28 by the Multilateral Development Banks,” reads the communique.
AfDB President Akinwumi Adesina said the bank is on its way to reaching its goal of mobilising $25 billion in climate finance.
He said the bank, last year, devoted 45 percent of its total lending to climate finance.
“Our Climate Action Window approved under 16th replenishment of the African Development Fund (with the support of the United Kingdom, Netherlands, Germany and Switzerland) opened its first call for proposals.
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“The response was amazing! It received over 2,000 proposals and the 359 shortlisted application requests were close to $4 billion,” Adesina said.
