Quaynor: Africa must have ownership of climate adaptation

The Vice President of the private sector infrastructure and industrialization at the Africa Development Bank, Solomon Quaynor, highlighted the crucial role of the climate change agenda in industrializing Africa and creating quality jobs for Africans. Quaynor emphasized the need for Africa to have ownership in making changes to address the disproportionate impact of climate change on the continent. The African Development Bank is actively involved in funding Africa's industrialization and climate adaptation efforts. One of the key initiatives discussed was the just energy transition, which aims to transition countries like South Africa from coal to renewable energy sources. Through leveraging contributions from the G7 countries and mobilizing climate finance, the bank is working towards raising $25 billion over the next several years. Additionally, Quaynor mentioned the bank's plans to access the capital markets through the African Development Fund to further support regional member countries in accessing concessional funding without increasing debt distress. The conversation also touched on the African Continental Free Trade Area (AfCFTA) and the important role it plays in promoting economic recovery and growth in Africa. The AFDB has provided financial support to the AfCFTA Secretariat and continues to work towards operationalizing the agreement to create a seamless single market that boosts private sector participation across various industries. Quaynor reiterated the significant progress made by the AfCFTA, with 43 countries ratifying the agreement and efforts to deepen achievements and accelerate the integration process. Overall, the African Development Bank remains committed to supporting Africa's industrialization and climate adaptation efforts to drive sustainable economic development and job creation on the continent.