The President of the African Development Bank (AfDB), Akinwumi Adesina, announced a major initiative during the second day of the recently concluded African Climate Summit at the Kenyatta International Convention Centre.
The AfDB has pledged $25 billion for climate financing initiatives by 2050, aimed at accelerating climate adaptation efforts.
The first African Climate Summit, held from September 4th to 6th, served as a platform to set the African agenda for the 28th Conference of the 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 30th to December 12th.
Adesina emphasized the urgent need for action, stating, “At the national level, we must accelerate climate adaptation actions, which is why the African Development Bank has committed to providing $25 billion for climate financing by 2025.”
He also highlighted the launch of the African Adaptation Law Commission program, in collaboration with the Global Center on Adaptation. This program is recognized as the world’s largest climate adaptation initiative.
Adesina stressed the importance of Africa’s resource-based development, stating, “Africa must develop with what it has, not with what it lacks.”
The President of AfDB called for a strategic combination of natural gas and renewable energy sources to meet Africa’s energy needs, unlocking the continent’s renewable energy potential.
Adesina explained, “We cannot power Africa with its potential alone. We must truly unlock Africa’s renewable energy potential. That’s why the African Development Bank is implementing a $20 billion initiative to harness solar energy and provide electricity to 250 million people.”
He added that the goal is to ensure that every household, school, and hospital has access to stable, affordable, and reliable energy. Adesina underscored the importance of a pragmatic approach, stating, “Africa must utilize its natural gas and combine it with renewable energy sources.” This combined approach is expected to contribute only 0.5 percent to global emissions.