The African Development Bank (AfDB) is set to mobilise financing for climate action at the upcoming UN Climate Change Conference, COP28, in Dubai. Led by President Dr Akinwumi Adesina, the AfDB delegation plans to launch and solidify several climate action initiatives during the global event from November 30 to December 12.
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Fostering Climate Resilience Through Initiatives
The AfDB will leverage COP28 to advance partnerships and resource mobilisation for its Africa Climate Risk Insurance Facility for Adaptation (ACRIFA), aiming to raise crucial funds for climate adaptation, resilience, and sustainable development in Africa’s agricultural sector. Another significant move involves the Bank’s participation in launching the Global Battery Energy Storage System Consortium. This joint initiative with the Rockefeller Foundation, tied to the Bank’s 10 GW Desert-to-Power solar energy initiative, seeks to secure 5 GW of commitments by the end of 2024, mobilising over $4 billion to reduce the cost of renewable energy technologies.
Furthermore, the African Development Bank will use COP28 to solidify funding commitments for its $10-billion Alliance for Green Infrastructure in Africa (AGIA). The AGIA initiative, launched during COP27, aims to boost the bankability of green infrastructure projects, generating up to $10 billion in investment opportunities for the private sector.
Championing Africa’s Climate Finance Needs
Africa, responsible for less than 4% of global carbon emissions, is advocating for increased climate finance from high-polluting countries. The continent is seeking support through initiatives like the newly proposed “loss and damage” fund. Despite accounting for only 3% of global climate finance, Africa estimates it needs as much as $2.8 trillion through 2030 to meet its climate commitments. President Adesina emphasises the need for transformative action, calling for a change in the global climate financial architecture to prioritise Africa’s requirements.
In his recent address at the Africa Climate Summit, President Adesina outlined the African Development Bank’s commitment, stating, “The African Development Bank has committed to providing $25 billion towards climate finance by 2025. We have also launched the African Adaptation Acceleration Program, together with the Global Center on Adaptation, the largest climate adaptation program in the world.” He stressed the importance of unlocking Africa’s renewable energy potential, citing the $20-billion Desert-to-Power initiative as a significant step toward harnessing solar energy for millions.
Africa’s Role in COP28
COP28, a pivotal global platform for climate negotiations, will feature the first Global Stocktake to assess progress since the adoption of the Paris Agreement. The AfDB aims to play a prominent role in reshaping the global narrative on crucial issues, including energy transition, nature-based solutions, adaptation finance, and reform of multilateral development banks. The summit will also witness the launch of the Africa and Middle East ‘Scaling-up Agriculture and Food Systems Transformation for Economic Development’ initiative, mobilising $10 billion to address climate and food security in both regions.
The African Development Bank’s proactive stance at COP28 aligns with its track record of pioneering climate interventions. Since 2011, the Bank has deployed $23 billion in climate finance, working collaboratively with co-financiers and external climate finance providers. The Bank’s commitment to mobilise $25 billion under the Africa Adaptation Acceleration program demonstrates its dedication to scaling up climate-resilient actions across the continent.
As the world converges in Dubai for COP28, the African Development Bank aims to amplify Africa’s voice, urging wealthy nations to make robust commitments and address the urgent climate needs of the continent. The Bank’s multifaceted initiatives underscore its commitment to fostering sustainability, resilience, and inclusive development across Africa.