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Many countries on the continent, including those on the coast, are among the most vulnerable to the effects of climate change.
AfDB President Akinwumi Adesina. Image: www.afdb.org
NAIROBI – The World Bank and the African Development Bank will jointly allocate more than $ 47 billion by 2025 to help African countries deal with the effects of climate change, banks said Thursday.
Many countries on the continent, particularly those on the coast, are among the most vulnerable to the effects of climate change, such as sea level rise and deterioration of coral reefs.
Others are prone to more frequent droughts, desertification and floods.
In a statement, the World Bank announced a contribution of $ 22.5 billion for 2021-2025, while the ADB announced that it had committed $ 25 billion in funding the fight against climate change between 2020 and 2025.
The ADB said the funds would be used to increase investment in renewable energy projects such as solar power plants.
"The share of our portfolio in renewable energy generation between 2013 and 2015 was 59%, but from 2015 to 2018, we went from 95% to 95%," said AfDB President Akinwumi Adesina. at a meeting on the environment in the United Kingdom.
The World Bank has indicated that some of its funding recipients would include projects in Ethiopia, Rwanda and Kenya.
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