A recent roundtable on climate finance featured the President of the African Development Bank, Akinwumi Adesina, where he emphasized the urgent need for financial support for African countries affected by climate change. Given Africa’s vulnerability to climate change, Adesina stressed the necessity for concerted efforts to accelerate financing for the continent.
The African Development Bank has consistently exceeded its climate finance targets for African countries. During the roundtable, the Bank President announced that they had surpassed their goal of allocating 40% of their total financing to climate finance, reaching an impressive 55% in 2023.
World Bank Group President Ajay Banga and other global leaders also highlighted the importance of partnerships and collaboration to deliver climate finance to countries in need, focusing on building their capacity to utilize funds effectively and to support smallholder farmers.
In response to the need for reform in the global financial architecture, the African Development Bank introduced the Climate Action Window as part of its African Development Fund. With initial funding of $429 million from development partners, the Bank plans to increase this to a massive $13 billion. The Climate Action Window aims to support low-income and vulnerable countries on climate adaptation, mitigation, and technical assistance.
The African Adaptation Acceleration Programme, a flagship initiative of the African Development Bank and the Global Center on Adaptation, aims to mobilize a substantial $25 billion for climate adaptation. This programme is recognized as the largest climate adaptation initiative globally.
The urgency of global adaptation financing and the crucial role of country investment plans for adaptation were underlined by the CEO of the Global Center on Adaptation, Professor Patrick V. Verkooijen, who stressed the need for quadrupling adaptation finance today, and the importance of investing more in climate adaptation globally and in Africa.
Key leaders at the roundtable, including Prime Minister Mia Mottley of Barbados and German Minister Svenja Schulze, echoed the urgency of providing financial support for climate adaptation and emphasized the critical window of opportunity for reforming the global financial architecture.
In conclusion, the need for fast and impactful climate finance to address the devastating effects of climate change on vulnerable countries, particularly in Africa, is more pressing than ever. The African Development Bank’s efforts to exceed climate finance targets, along with the support of global leaders and financial institutions, are crucial in addressing this critical issue.