AfDB moves to fund climate finance with $12.5 billion

The African Development Bank has declared that it will fund climate finance in Africa with an additional sum of $12.5 billion.

The President of the AfDB, Akinwumi Adesina, disclosed this at the online International Climate Adaptation Summit (CAS) 2021 on Monday.

Techeconomy.ng gathered that the summit was aimed at defining the path for a decade of climate investment and transformation in the 2030s.

Adesina explained that the bank would increase its climate financing by 400%, rising from 38% of its total financing in 2019, stating that Africa needed collective actions to take the climate fight seriously and adapt to ecological changes.

According to him, “We expect to reach 40 percent in climate finance this year. To do more for Africa, we are building strategic partnerships.

“The AfDB and the GCA-Africa have launched the ‘Africa Adaptation Acceleration Program’ to mobilise 25 billion dollars in new climate finance for Africa—and to scale up innovative and transformative actions on climate adaptation across Africa.”