The African Development Bank (AfDB) has increased its climate finance by 400 percent, since 2016, the AfDB President, Akinwumi Adesina has said.
He made this known while addressing world leaders at the 1st Climate Change Adaptation Summit in Davos, Switzerland, noting that the funding rose from earlier 9 percent of its total finance in 2016 to 38 percent in 2019.
According to Adesina, the financing services would particularly be channelled towards ensuring better agricultural and food systems, through its extended services to farmers.
He noted that for the years 2020-2025, the bank would also be committing an additional $12.5 billion to climate finance.
Adesina also charged that issues bordering on climate finance should not impede the process of achieving climate resilience.
He said, “Africa must not be short-changed by climate finance. It is time to act, for Africa can no longer wait.”
AgroNigeria had earlier reported that the Bank also pledged a $6.5 billion support for the AU-led anti-desertification project, the Great Green Wall.
The funding, it was gathered, is aimed at bringing succour to the Sahel region of Africa, in the face of climate change and desertification.
Africa is losing between $7 billion and $15 billion annually from the effects of climate change. This, according to him, is why more efforts should be geared towards climate adaptation, resilience and finance.
“To do more for Africa, we are building strategic partnerships. That’s why I am delighted to have partnered with the former UN Secretary-General Ban Ki-Moon to establish the Global Centre for Adaptation-Africa (GCA-Africa), hosted at the African Development Bank.
“Our ambition is bold: to galvanize climate resilience actions; support countries to accelerate and scale up climate adaptation and resilience, and mobilize financing at scale for climate adaptation in Africa,” Adesina said.
Similarly, he explained that the financing services will be extended to farmers and youth-led SMEs under the “Digital Agriculture” and “Youth Adaptation” flagships.
According to him, the ‘Youth Adaptation’ programme will Support no fewer than 10,000 youth-led SMEs. It will also ensure capacity building on climate adaption, for one million youth and unlock a $3 billion support.
Adesina also said the bank would set up Africa’s first Digital Agriculture financing facility. For the project, $2 billion has been set aside for the sole purpose of delivering climate advisory services to 300 million farmers by 2030, he revealed.
“We will also scale up the bank’s Technologies for African Agricultural Transformation (TAAT) which has leveraged $450 million and provided 19 million farmers with climate-resilient agricultural technologies in 27 countries –raising farmers’ average yields by 60 percent,” he added.