The President of the African Development Bank, Akinwumi Adesina and the 2023 United Nations Climate Change Conference president, Dr. Sultan Al Jaber, on Tuesday, called on developed economies to fulfil their $100bn commitment to climate finance.
He said this during the ongoing African Climate Summit, held at the Kenyatta International Convention Centre, Nairobi, Kenya.
The inaugural ACS was a fallout of the decision arrived at during the 36th Ordinary Session of the African Union Assembly of Heads of State and Government, held in February 2023, to convene a summit on Climate Change.
The Summit, hosted by the Government of Kenya and the African Union, was organised to create a climate goal for Africa with a focus on green growth and climate finance.
In addition, the summit aims to set Africa’s agenda for the Conference of Parties 28 – the 28th annual meeting of members of the UNFCCC, scheduled to be held in Dubai, United Arab Emirates, from November 30 to December 12, 2023.
He said, “At the global level, developed economies must meet their $100bn annually in climate finance.”
Adesina stressed that the global financial architecture of climate change must be changed to prioritise the needs of Africa.
On his part, Al Jaber said dollar economies must fulfil their commitment to the annual climate finance.
He said, “Finance must be made available, accessible and affordable. According to the AfDB, $250bn annually is required to meet Africa’s climate finance needs. Africa only receives 12 per cent of that and less than two per cent of that is only available.
“The World Bank estimates that every dollar spent on climate adaptation brings an average of four dollars in benefits. It simply makes sense that Africa gets a fair share of global climate finance. That is why I am calling on dollar countries to dole out the $100bn pledge they made over a decade ago and to replenish the Green Climate Fund. I will continue to press on these issues.”
The COP28 president emphasised the need for an inclusive action plan that “leaves no one behind” in the energy transition plan and climate finance.
He also stated that the basic energy needs of countries without access to power must be met with low carbon and natural possible solutions.
The COP28 president further announced a new initiative between the United Arab Emirates and Africa “that aims to unlock Africa’s capacity for sustainable prosperity.”
The initiative, Al Jaber said would develop 15 megawatts of green energy with an additional $4.5bn from public and private sources for Africa.
He, however, noted that the initiative would only be deployed to countries with a clear renewable energy plan.
The AfDB president also noted, “We must ensure that Africa’s food and agriculture systems are climate resilient. The AfDB’s flagship programme, Technologies for African Agricultural Transmission has provided 12 million farmers in 21 countries with climate resilient agricultural technologies.”
Adeshina noted that youths and women must be at the core of climate financing.
He announced that the bank, in conjunction with the Global Centre on Adaptation, launched a $1bn facility for the Youth Adapt Programme to accelerate access to financing for climate change.
The AfDB president also announced that the bank had established the Youth Entrepreneurship Investment Bank, which according to him is a new financial institution by the support and global business of youth across Africa.
“We must re-evaluate the wealth of Africa by accounting for the proper valuation of its abundant natural resources, including the vast forests that sequester carbon. But the global value for the carbon it sequesters for the world is not accounted for in the estimation of its Gross Domestic Product
“It is not enough to praise Africa for its rich natural capital, its GDP must reflect that. Africa’s GDP must be revalued based on its carbon sequestration biodiversity. If this is done, the debt-to-GDP ratio for several African countries must grow and have access to financing to support their economy, including the greening of their economy,” Adeshina said.