Saturday, October 10, 2015

African Development Bank to triple Annual Climate Financing to nearly $5 billion by 2020



The President of the African Development Bank (AfDB), Akinwumi Adesina, announced on Friday, October 9 that the AfDB would nearly triple its annual climate financing to reach $5 billion a year by 2020. AfDB’s climate spending will increase to 40% of its total new investments by 2020.

“Climate change is both an urgent threat and a unique opportunity,” Adesina said. “The Bank is significantly stepping up its support for African countries, not only to meet that threat but also to seize the opportunity to drive low-carbon, climate-resilient growth.”

Half of the $5 billion will be dedicated to reducing Africa’s greenhouse gas emissions by unlocking Africa’s enormous potential for renewable energy, especially solar, hydro, wind and geothermal power. The AfDB will also work with its clients to improve energy efficiency and build sustainable transport systems.