The African Development Bank (AfDB) has reaffirmed its commitment to mobilize resources to help African countries adopt and mitigate climate change.

This commitment underpins its 2013-2022 Strategy promoting inclusive and green growth in Africa. Almost US $7 billion has been committed to projects in support of climate resilient and low-carbon development in the past four years.
 
However, ahead of the upcoming UN climate talks, COP22, which will be held in Marrakesh, Morocco, from November 7 to 18, 2016, the Bank is calling for implementation of the Paris Agreement, especially ensuring that climate financing is urgently delivered for African countries which are most vulnerable to climate change shocks.

Last year, the Bank’s support contributed significantly to ensuring that Africa’s concerns were addressed in the Paris Agreement at COP21.

The Bank has also committed to triple its climate change finance to about US $5 billion per year and to provide US $12 billion on renewable energy investments by 2020.

In keeping with the Bank’s New Deal on Energy for Africa, that provides a good entry point for the implementation of the Paris Agreement, and given that COP22 is a key milestone for the implementation of that agreement, it is important that Africa is fully on board, while ensuring linkages with the Bank’s High 5 priorities.

According to Akinwumi Adesina, President of the African Development Bank Group, the current climate financing architecture is not providing the finance Africa needs.

“Much more needs to be done to increase Africa’s access to climate finance,” Adesina said Friday, May 27, 2016, during a high-level panel on climate change, “Towards COP22 in Marrakech : What are the issues at stake?”, on the last day of the Bank’s 2016 Annual Meetings.

Adesina pointed out that Africa, which contributes less than 3 per cent of the global greenhouse emissions, is suffering from the effects of El Niño, which has caused severe drought in 14countries with 13 located in East and Southern Africa.

Citing Kenya and Rwanda, which have had devastating floods, with over 8.4 million people facing food insecurity in Malawi and 15 million in Ethiopia, as well as vast areas of South Africa, Zambia, Zimbabwe, Lesotho and Botswana, Adesina pointed out that the continent is already feeling the shocks of climate change.

To support these countries, AfDB has allocated funds to the tune of US $549 million.

Adesina demanded for “climate justice” for Africa, calling on the Green Climate Fund and the Global Environment Facility to “pay for the insurance premium of African countries to the Africa Risk Capacity Agency.”

“This will allow them to cope with extreme climate events … like Senegal which received US $17 million payout to mitigate the impacts of drought. AfDB will lead the way and triple its climate finance to US $5 billion per year by 2020,” Adesina said.