Six weeks before this year’s global climate summit (COP26), the president of the African Development Bank, Dr. Akinwumi A. Adesina, who is a candidate for President of the African Development Bank. Currently, Honourable Minister of Agriculture, Federal Republic of Nigeria spoke on Thursday on the urgent need to finance climate adaptation. He called on the developed world to deliver on its promise of $ 100 billion per year for climate change.
The head of the African Development Bank was commenting a day after United Nations Secretary-General António Guterres delivered his keynote address to the United Nations General Assembly, a speech in which the UN chief was speaking of a planet “sleepwalking to disaster”.
Guterres sounded the alarms for a world plagued by climate change, conflict and the global Covid-19 pandemic. He called for “solidarity coalitions” to address inequality, instability, climate change and what he said was the planetary emergency of our time.
The UN Secretary General praised the great progress of the African Development Bank. “The African Development Bank set the bar in 2019 by allocating half of its climate finance to adaptation. Some donor countries have followed his example. Everyone should do it, ”Guterres said. “My message to all member states is this: don’t wait for others to take the first step. Do your part. ”
Adesina welcomed the message of the UN Secretary General and the recognition of the actions of the African Development Bank. He said action rather than promises in the key areas of mitigation, financing and adaptation are critical.
Dr. Akinwumi A. Adesina Said: Action to avoid the worst impacts of the climate disaster must begin with developed countries meeting their commitment to“ new, additional ”and predictable climate finance from a floor of $ 100 billion per year. We must boost Africa’s capacity for climate adaptation.
In 2019, the African Development Bank invested $ 10.3 billion in development projects on the continent. About $ 3.6 billion of this went to climate finance. This quadrupled from 2016. In 2020, the Bank invested 63% of its climate finance in adaptation, exceeding the 50:50 parity for climate mitigation and adaptation required by the United Nations.