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By Maxwell Awumah, RNG
Ho, March 16, GNA –
The African Development Bank will double its climate finance commitments to
the period 2020-2025.
Dr. Akinwumi A.
Adesina, the president of the bank announced Thursday at the One Planet Summit
in Nairobi that the Bank would commit at least 25 billion USD
towards climate finance.
Speaking in plenary
in a live broadcast, Dr. Adesina announced that the Bank was on track to achieve its goals.
its goal of allocating 40% of its funding to the financing of the fight against climate change by 2020,
a year ahead.
The commitment of the bank
target, the highest of all multilateral development banks, has
steadily increased from 9% in 2016 to 28% in 2017 and 32%.
cent in 2018.
Whereas Africa
high vulnerability, although the least contributing to climate change, AfDB
managed to raise its adaptation funding of less than 30 percent of
total climate finance at par with mitigation in 2018.
L & # 39; African
The Development Bank is committed to continuing this trend in the future.
"The required level of
Financing can only be achieved with the direct participation of all financial institutions.
sector, "said Dr Adesina.
"As a result,
Bank launched the African Finance Alliance for Climate Change (AFAC) to link
all stock exchanges, pension funds and sovereigns, central banks and
other financial institutions in Africa to mobilize and encourage change in
their portfolios towards low-carbon and climate-resilient investments ".
The bank did another
important announcement "It's not enough just to ask countries to stay
away from polluting technologies, "said Adesina.
"We have to be
proactive in exploring alternatives. So we will launch the "green
under the Sustainable Energy Fund for Africa (SEFA 2.0) in order to
provide concessional financing and technical badistance to support
penetration and extension of renewable energies, in order to provide affordable prices and
reliable renewable energy base. "
Several donors,
Canada, Denmark, Germany, Norway, Italy, the United Kingdom and USAID have indicated
their interest in this instrument of transformation, which will also contribute to
replace the coal.
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The Development Bank has played a vital role in building clean energy in Africa.
capabilities. The Bank's latest investment in a coal project dates back 10 years.
Moreover, and in
with its ambitious New Deal on Energy for Africa, 95% of all
investments in electricity generation over the period 2016-2018 have been
renewable energies.
The "desert of power"
program, a $ 10 billion initiative to build a 10 GW solar zone across the country.
The Sahel – the largest in the world – would provide electricity to 250 million people.
people.
Together with
partners such as the Green Climate Fund and the EU, the Bank is now funding
the first project under this initiative: rural electrification of Yeleen
Project in Burkina Faso.
Key projects of the bank
include co-financing of the 510 MW Ouarzazate solar complex in Morocco, a
of the largest solar complexes in the world.
In plenary were
Heads of State, including Kenyan President Uhuru Kenyatta, and French representatives
President Emmanuel Macron.
GNA
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