The African Development Bank (AfDB) is set to take a prominent role in driving climate action at the upcoming UN Climate Change Conference (COP28) by emphasizing the continent’s needs and advocating for robust commitments from wealthier nations.
Under the leadership of President Dr Akinwumi Adesina, the AfDB plans to introduce and solidify numerous climate-focused initiatives during the conference, scheduled from November 30 to December 12 in Dubai, United Arab Emirates.
The Bank’s delegation, comprising vice presidents, senior management, and sector experts, intends to heighten the Bank’s presence in the global climate change community. Their goal is to garner additional resources for climate funds and facilities by leveraging partnerships and enhancing resource mobilization.
Among the significant initiatives, the AfDB aims to advance the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) during the conference. This facility is a crucial tool intended to procure the necessary funding to bolster climate adaptation, resilience, and sustainable development within the agricultural sector in Africa.
Furthermore, in collaboration with the Rockefeller Foundation, the Bank will participate in la壯陽藥 unching the Global Battery Energy Storage System Consortium. Through its Desert-to-Power solar energy initiative, the Bank will play a key role in this consortium, aiming to secure substantial commitments and mobilize significant funds to reduce renewable energy technology costs.
Another major commitment to be fortified at COP28 is the $10-billion Alliance for Green Infrastructure in Africa (AGIA), a substantial funding initiative by the AfDB.
Moreover, the Bank plans to push forward the Bridgetown initiative, focusing on climate and development, advocating for the redirection of IMF special drawing rights to multilateral development banks and announcing significant pledges.
The COP annual meetings serve as a crucial global platform for nations to negotiate effective strategies to combat climate change. Africa is aiming to secure increased climate finance from high-polluting countries, especially through the establishment of a “loss and damage” fund at COP28. The continent’s ambition is to secure funds from various sources, including carbon taxes on sectors like fossil fuels, maritime transport, and aviation.
The Bank’s latest African Economic Outlook report highlights the continent’s substantial requirement of approximately $2.8 trillion by 2030 to fulfill climate commitments outlined in national targets under the Paris Agreement. However, Africa’s inflow of climate finance remains relatively low at 3% of global climate finance, primarily focusing on small-scale operations in middle-income countries.
Dr Adesina emphasized the necessity for prioritizing Africa in the global climate financial architecture. He highlighted the Bank’s commitment to providing $25 billion for climate finance by 2025 and launching the African Adaptation Acceleration Program, the world’s largest climate adaptation program.
Acknowledging Africa’s abundant renewable energy potential, Dr Adesina emphasized the importance of fully utilizing it, highlighting the Bank’s $20-billion Desert-to-Power initiative to harness solar energy and provide electricity to 250 million people.
COP28 will mark the launch of the Africa and Middle East ‘Scaling-up Agriculture and Food Systems Transformation for Economic Development’ initiative, aiming to mobilize $10 billion to address climate and food security issues. The AfDB will contribute to this initiative through its flagship Special Agro-Industrial Processing Zones (SAPZ) program.
Africa holds significant potential to enhance resilience against climate change and food insecurity, leveraging its abundant solar, hydro, and geothermal energy resources.
The AfDB has deployed substantial climate finance of $23 billion since 2011, predominantly sourced from its financing instruments. Collaborations with co-financiers and external climate finance providers have also contributed to these initiatives.
During COP28, the AfDB will play a pivotal role in reshaping the global narrative on key climate-related issues such as energy transition, adaptation finance, carbon markets, and more.
