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AfDB to provide $25bn for Africa’s climate finance by 2050
The African Development Bank (AfDB) has said it will commit $25 billion to Africa’s Climate Fund.
The banks’ Chief Executive Officer, Dr. Akinwunmi Adesina said this on Tuesday at the ongoing African Climate Summit in Kenya.
According to him, the bank is committed to contributing $25 billion to the continent in funding climate finance, to accelerate the transition to cleaner energy sources.
During his speech at the summit, he said that although Africa needs to make use of its vast renewable energy potential, the continent must also make use of its vast natural gas resources to close its wide energy access gaps.
He said:“At the national level, we must accelerate actions on climate adaptation and that is why the African Development Bank has committed to providing $25 billion to providing climate finance by 2025.
“We cannot power Africa with potential. We must truly unlock Africa’s renewable energy potential. That is why the African Development Bank is implementing $20 billion to harness the power of solar and deliver electricity to 250 million people.
“We must power every home, school, and hospital and provide stable, affordable and reliable power. But we must be pragmatic, Africa must use its natural gas and combine it with renewable energy”.
The AfDB had previously made the $25 billion commitment during COP 27 in November 2022. At the time, the bank said it has significantly increased access to climate finance for low-income African countries with a target of $25 billion by 2025.