Akinwumi Adesina, the Bank’s President, announced the commitment last week at the One Planet Summit in Nairobi.
AfDB is doubling its commitments on the continent with $25 billion fund
The African Development Bank (AfDB) said it will double its climate finance commitments for the period 2020-2025 with US$25 billion.
“The required level of financing is only feasible with the direct involvement of the entire financial sector,” said Adesina.
“Consequently, the Bank launched the African Financial Alliance for Climate Change (AFAC) to link all stock exchanges, pension and sovereign wealth funds, central Banks and other financial institutions of Africa to mobilise and incentivise the shift of their portfolios towards low carbon and climate resilient investments.”
AfDB on course to meet 40% target allocation to Climate Financing
Adesina announced the development bank is on course to achieve its target of allocating 40% of its funding to climate finance by 2020, a year ahead.
Speaking at a plenary in the presence of Heads of State, including President Uhuru Kenyatta of Kenya, and French President Emmanuel Macron, Adesina said bank's commitment is the highest among all multilateral development banks, has progressed steadily from 9% in 2016 to 28% in 2017 and 32% in 2018.
Africa Climate Week kicks off in Ghana
The climate financing is coming at a time when top government officials, policymakers across the continent will gather in Accra, Ghana for the Africa Climate Week.
The Climate Week kicks off today, Monday 18 and will run through till Friday. The African event is a build-up to the next UN climate change conference – COP25 which will take place in Chile this December.
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