African Development Bank aims to double climate finance to $25bn by 2030, addressing $7-15bn annual losses from climate change.
The African Development Bank (AfDB) aims to double its climate finance to $25 billion by 2030, according to President Dr Akinwumi Adesina, who stated that Africa loses between $7 billion and $15 billion annually due to climate change, despite contributing only 3% of global emissions. The AfDB has launched initiatives, including the African Adaptation Acceleration Programme, which aims to deploy $25 billion for climate adaptation. The bank has also created a climate action window with an initial investment of $429 million, expected to grow to $13 billion, supporting vulnerable countries with crop insurance, land restoration, and climate information services.
June 14, 2024
7 Articles