African Development Bank Annual Meetings 2023: African Development Bank Chief says lack of climate finance flows “suffocating” Africa | African Development Bank

A lack of adequate funding to tackle climate change in Africa has become dire and “suffocating” the continent, said Dr. Akinwumi Adesina, chairman of the African Development Bank Group, Monday.

He addressed dozens of journalists from Africa and around the world at a media lunch organized to kick off the Bank Group’s 2023 annual meetings in the Egyptian resort of Sharm El Sheikh.

Adesina called on developed countries for failing to honor the $100 billion pledge in climate finance they made to developing countries.

“Africa is short on climate finance. Africa is shocking,” he told reporters.

“Your role as a media is very important in helping to spread the news – the news of efforts being made, challenges being met and the great urgency now of getting much needed climate finance to Africa,” said the bank chief.

The Bank Group’s annual meetings allow the Bank’s Board of Governors, African leaders and development partners to explore practical ways to “mobilize private sector finance for climate and green growth in Africa”, in line with the theme of the Bank Group meetings. this year.

Adesina said the theme was chosen to draw attention to the urgent need for climate finance.

“Everywhere you look in Africa today, climate change is wreaking havoc,” Adesina said. “In the Sahel, higher temperatures are drying up limited water, flooding crops and livestock and exacerbating food insecurity.”

The bank chief said that in vast areas of eastern and southern Africa and the Horn of Africa, a combination of drought and flooding is causing huge losses of people and infrastructure, leading to a rising number of refugees.

“There is still a lot to do as private sector climate finance in Africa is expected to increase by 36% annually,” he said.

The African Development Bank is at the forefront of climate adaptation efforts across the continent and has committed 63% of its climate finance, the highest of any multilateral development bank.

The Bank’s new Climate Action Window will support millions of farmers, giving them access to climate-resilient seeds. The institution has also launched the Desert to Power initiative to develop 10,000 megawatts of solar power to benefit nearly 250 million people in the Sahel.

The Bank and the Global Center for Adaptation have launched the African Adaptation Acceleration Program (AAAP) to mobilize $25 billion to support Africa’s adaptation to climate change. It has also established Alliance for Green Infrastructure (AGIA), in partnership with other institutions, to mobilize $10 billion in private investment for green infrastructure in Africa.

Adesina and the Bank Group’s vice presidents of operations answered questions about the potential to use capital market instruments such as green bonds to support climate-related investments.

The Bank estimates that Africa will need $2.7 trillion by 2030 to fund its climate change needs.

Adesina said, “If Africa had that money, the Sahel would have electricity. If Africa had that money, we would recharge the Chad Basin, which has provided livelihoods to millions of people in Chad, Nigeria, Niger and Cameroon. Everything is going to change in all those countries; we are going to green the Sahel. We will insure every African country against catastrophic weather conditions.”

Adesina told the journalists, “Africa’s measured natural capital alone is estimated at $6.2 trillion,” which, if properly utilized, could spur rapid economic growth and wealth generation.

He spoke about the Bank’s flagship Technologies for African Agricultural Transformation (TAAT) program, which provides heat-tolerant seed varieties to increase yields in crops such as wheat. He gave the example of Ethiopia, which is now self-sufficient in wheat production and plans to export the surplus to neighboring countries.

Dr. Adesina was joined by Vice Presidents Professor Kevin Urama, Dr Kevin Kariuki, Dr Beth Dunford, Solomon Quaynor, Marie-Laure Akin-Olugbade and Simon Mizrahi.

The Bank will launch its annual African Economic Outlook report on Wednesday, a flagship publication on the state of Africa’s economies.

Click here for more information about the 2023 annual meetings