"Dearth of climate finance flows \u201cchoking\u201d Africa AfDB Chief says"

" Dearth of climate finance flows \u201cchoking\u201d Africa AfDB Chief says \r\n\r\nA lack of adequate financing for tackling climate change in Africa has become dire and is \u201cchoking\u201d the continent, African Development Bank Group President Dr. Akinwumi Adesina said on Monday.\r\n\r\nHe was addressing scores of journalists from Africa and around the world at a media lunch organized to kick off the Bank Group\u2019s 2023 Annual Meetings in the Egyptian resort city of Sharm El Sheikh.\r\n\r\nAdesina called out developed nations for not honoring the $100 billion-a-year climate finance pledge they made to developing countries.\r\n\r\n\u201cAfrica is being short-changed in climate finance. Africa is choking,\u201d he told the journalists.\r\n\r\n\u201cYour role as the media is very important to help carry the news \u2013 the news of efforts being made, challenges being faced, and the fierce urgency of now in getting much-needed climate finance to Africa,\u201d the Bank chief said.\r\n\r\nThe Bank Group\u2019s Annual Meetings will allow the Bank\u2019s Board of Governors, African leaders and development partners to explore practical ways of \u201cmobilizing private sector financing for climate and green growth in Africa,\u201d in line with the theme of this year\u2019s meetings.\r\n\r\nAdesina said the theme was chosen to draw attention to the urgent need for climate finance.\r\n\r\n\u201cAnywhere you look in Africa today, climate change is causing havoc,\u201d Adesina said. \u201cIn the Sahel, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity.\u201d\r\n\r\nThe Bank chief said that in vast areas of East and Southern Africa, and the Horn of Africa, a combination of droughts and floods is causing massive losses of people and infrastructure, leading to rising numbers of refugees.\r\n\r\n\u201cThere is still much to do, as Africa\u2019s private sector climate financing will need to increase by 36% annually,\u201d he said.\r\n\r\nThe African Development Bank is spearheading climate adaptation efforts across the continent and has devoted 63% of its climate finance, the highest among all multilateral development banks.\r\n\r\nThe Bank\u2019s new\u00a0 Climate Action Window \u00a0will support millions of farmers, enabling them to access climate-resistant seeds. The institution has also launched the\u00a0 Desert to Power initiative \u00a0to develop 10,000 megawatts of solar power to benefit nearly 250 million people across the Sahel.\r\n\r\nThe Bank and the Global Center for Adaptation have launched the African Adaptation Acceleration Program (AAAP) to mobilize $25 billion to support Africa's adaptation to climate change. It has also established Alliance for Green Infrastructure (AGIA), in partnership with other institutions, to mobilize $10 billion in private investment for green infrastructure in Africa.\r\n\r\nAdesina and the Bank Group\u2019s operational vice presidents answered questions on the potential for using capital market instruments such as green bonds to back climate-related investments.\r\n\r\nAccording to Bank estimates, Africa will need $2.7 trillion by 2030 to finance its climate change needs.\r\n\r\nAdesina said, \u201cIf Africa had that money, the Sahel would have electricity. If Africa had that money, we would recharge the Chad basin, which has provided livelihoods for millions of people in Chad, Nigeria, Niger and Cameroon. Everything will change in all those countries; we will green the Sahel. We will insure every single African country against catastrophic weather events.\u201d\r\n\r\nAdesina told the journalists, \u201cAfrica\u2019s measured natural capital alone is estimated to be worth $6.2 trillion,\u201d which, if well harnessed, can spur rapid economic growth and wealth generation.\r\n\r\nHe spoke about the Bank\u2019s flagship Technologies for African Agricultural Transformation (TAAT) scheme that provides heat-tolerant seed varieties to increase yield in crops such as wheat. He gave the example of Ethiopia which is now self-sufficient in wheat production and plans to export the surplus to neighbouring countries.\r\n\r\nDr. Adesina was accompanied by Vice Presidents Professor Kevin Urama, Dr. Kevin Kariuki, Dr Beth Dunford, Solomon Quaynor, Marie-Laure Akin-Olugbade and Simon Mizrahi.\r\n\r\nThe Bank will on Wednesday launch its annual African Economic Outlook report, a flagship publication on the state of African economies.\r\n\r\n "

"Dearth of climate finance flows \u201cchoking\u201d Africa AfDB Chief says"

Poor Governance Offsetting Reform Gains in Africa – World BankAMP

Nigeria’s NNPC Considers Refinery Sale Despite Billions Spent on RepairsAMP

Africa’s Largest Diamond Producer to Let Currency Depreciate QuickerAMP