By John Ikani
President of the African Development Bank (AfDB), Akinwumi Adesina announced a significant commitment to climate finance during the second day of the recently concluded African Climate Summit at The Kenyatta International Convention Centre.
The institution pledged $25 billion to climate finance initiatives by 2050, aimed at expediting action on climate adaptation.
The inaugural African Climate Summit held from September 4 to 6, 2023, served as a platform to set Africa’s agenda for the 28th annual Conference of Parties (COP28) under the United Nations Framework Convention on Climate Change (UNFCCC).
COP28 is scheduled to take place in Dubai, United Arab Emirates, from November 30 to December 12, 2023.
Adeshina emphasized the urgent need for action, stating, “At the national level, we must accelerate actions on climate adaptation, and that is why the African Development Bank has committed to providing $25 billion for climate finance by 2025.”
He also highlighted the launch of the African Adaption Act Commission program, in collaboration with the Global Centre on Adaptation. The program is recognized as the world’s largest climate adaptation initiative.
Adeshina stressed the importance of Africa’s development based on available resources, saying, “Africa must develop with what it has, not what it does not have.”
The President of AfDB called for a strategic combination of natural gas and renewable energy sources to meet Africa’s energy needs, thereby unlocking the continent’s renewable energy potential.
Adeshina explained, “We cannot power Africa with potential. We must truly unlock Africa’s renewable energy potential. That is why the African Development Bank is implementing a $20 billion initiative to harness the power of solar energy and provide electricity to 250 million people.”
He added that the goal is to ensure every home, school, and hospital has access to stable, affordable, and reliable power. Adeshina emphasized the importance of a pragmatic approach, stating, “Africa must use its natural gas and combine it with renewable energy sources.” This combined approach is projected to contribute only 0.5 percent to global emissions.