AfDB commits $25bn to climate change financing by 2025

The African Development Bank (AfDB) has announced plans to commit $25 billion in climate finance by 2025. This commitment was made during the launch of the Global Center on Adaptation in Abidjan, Cote d'Ivoire. Anthony Nyong, the AfDB Director for Climate Change and Green Growth, discussed the significance of this initiative in a recent interview. Nyong highlighted the importance of building resilience to climate change in Africa, a continent that is disproportionately affected by the impacts of global warming. He emphasized that while Africa contributes the least to global warming, it faces the brunt of its consequences. Nyong also pointed out the disparity in global attention and funding between reducing greenhouse gas emissions and supporting vulnerable countries like those in Africa. The establishment of the Global Center on Adaptation's Africa Regional Office is seen as a critical step in accelerating adaptation efforts on the continent. The AfDB's partnership with this institution aims to mobilize $25 billion over the next five years, with at least half of the funds allocated to adaptation initiatives. However, Nyong stressed the need for additional support from the global community to address the challenges posed by climate change. The partnership between the AfDB and the Global Center on Adaptation will focus on leveraging their respective strengths to achieve common objectives. Nyong also outlined the key areas of collaboration, including advocacy for increased international funding for adaptation, enhancing outreach to local communities, and promoting climate-resilient projects. In addition to the AfDB's financial commitment, Nyong discussed other options available to African nations in bridging the financing gap for climate change initiatives. He highlighted the role of multilateral agencies, private sector investment, and regional financial alliances in mobilizing resources for climate adaptation and mitigation. Nyong emphasized the need for coordinated efforts among development partners, financial institutions, and governments to create enabling environments for private sector engagement in climate-related projects. The AfDB's initiatives, such as the Africa Financial Alliance on Climate Change, aim to unlock domestic resources for sustainable investment in climate resilience. Nyong drew parallels between the global response to COVID-19 and the urgency of addressing climate change, calling for a similar level of commitment and collaboration to tackle this pressing global issue.