Akinwunmi Adesina, President of the African Development Bank, announced a significant commitment to climate finance during the African Climate Summit, held at The Kenyatta International Convention Centre in Nairobi, Kenya. The finance institution has pledged to provide $25 billion for climate finance by 2050.
The African Climate Summit, a pioneering event on the continent, focuses on green growth and climate finance to pave the way for a prosperous, carbon-free Africa. It serves as a platform to shape Africa’s agenda for the 28th annual meeting of the United Nations Framework Convention on Climate Change (UNFCCC), scheduled for November 30 to December 12, 2023, in Dubai, United Arab Emirates.
President Adesina emphasized the need for accelerated climate adaptation efforts at the national level. He also announced the launch of the African Adaptation Act Commission program in collaboration with the Global Centre on Adaptation. This program stands as the world’s largest climate adaptation initiative. Adesina stressed the importance of Africa’s development based on available resources.
To harness Africa’s renewable energy potential, Adesina advocated for the combination of natural gas and renewable energy sources to provide electricity across the continent. He pointed out that this approach would contribute minimally, just 0.5 percent, to global emissions.
Adesina highlighted the African Development Bank’s commitment to implementing a $20 billion initiative aimed at leveraging solar power to bring electricity to 250 million people, ensuring that every home, school, and hospital has access to stable, affordable, and reliable power. He underlined the necessity of pragmatic solutions, emphasizing that Africa should utilize its natural gas reserves alongside renewable energy sources.”
