Apex bank pledges to support low-carbon development in Africa

folarin okunola

May 31, 2016 2:46 PM

This commitment highlights its 2013-2022 strategy to promote inclusive and green growth in Africa.

President of the African Development Bank, Akinwunmi Adesina

Media reports say the African Development Bank (AfDB) has restated its commitment to mobilize resources to help African countries adopt and mitigate climate change.

This commitment highlights its 2013-2022 strategy to promote inclusive and green growth in Africa. Almost $7 billion has been committed to projects in support of climate change and low-carbon development in the past four years.

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The Bank is calling for implementation of the Paris Agreement, ahead of the upcoming UN climate talks, COP22, which will be held in Marrakesh, Morocco, from November 7 to 18, 2016, in a bid to ensure 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, according to Nigeria CommunicationsWeek.

The Bank has also promised 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.

folarin okunola