The World Bank and the African Development Bank (AfDB) has pledged to commit $47.5bn by 2025 to help African nations tackle climate change.
Concise News understands that the Interim President, World Bank, Kristalina Georgieva, said this on Thursday.
“Unless we make Africa more resilient, we will see by 2030, 100 million people more falling into poverty rather than being pulled out of poverty,” she told the BBC Africa TV’s Money Daily.
Over 65 per cent of Africa’s population is directly affected by climate change, according to the United Nations Economic Commission for Africa.
On his part, President, AfDB, Akinwumi Adesina, who spoke at the One Planet Summit in Nairobi, Kenya said it (AfDB) would double its climate finance commitments for the period 2020 to 2025, pledging about $25bn.
“The required level of financing is only feasible with the direct involvement of the entire financial sector,” Adesina said.
“Consequently, the bank launched the African Financial Alliance for Climate Change to link all stock exchanges, pension and sovereign wealth funds, central banks and other financial institutions of Africa to mobilise and incentivise the shift of their portfolios towards low carbon and climate resilient investments.”
He said: “We have to be proactive in exploring alternatives. We will, therefore, be launching the ‘green baseload’ facility under the Sustainable Energy Fund for Africa, to provide concessional finance and technical assistance to support the penetration and scale-up of renewable energy, to provide affordable and reliable renewable energy baseload,” Adesina added.
Similarly, he noted that “in line with its ambitious New Deal on Energy for Africa, 95 per cent of all bank investments in power generation over the 2016-18 period have been in renewables.”