AfDB to Commit $25Billion for Africa’s Climate Finance

The African Development Bank (AfDB) says it will provide Africa’s Climate Fund to the tune of $25 billion for the next 27 years.

The President of the Bank, Akinwunmi Adesina made this known Tuesday, September 5 at the ongoing African Climate Summit in Kenya.

Adesina stated that the Bank is committed to contributing $25 billion to the continent in funding climate finance, to speed up the transition to greener energy.

“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 to provide climate finance by 2025.

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

“We cannot power Africa with potential. We must truly unlock Africa’s renewable energy potential. That is why the Africa Development Bank is implementing $20 billion to harness the power of solar 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 further added.

The Summit seems to achieve three climate finance targets: Better financing, targeted financing, and cheaper higher risk appetite financing.

The organisers revealed that “Climate change poses significant risks to the global community, with physical effects causing substantial economic losses. Over the past decade, storms, wildfires, and floods have resulted in substantial GDP losses.”

“Africa, in particular, faces severe climate-related challenges, including drought, desertification, and increasing cyclones, leading to displacement, migration, and food crises.”


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