Fighting climate change with the robust implementation of national commitments and partnerships was the main thrust of African Development Bank’s Director of Climate Change and Green Growth, Dr. Anthony Nyong’s closing remarks at the end of Africa Climate Week.
“The vibrancy of these last few days says it all, Africa is engaged. Africa is not a victim; we are a partner in the fight against climate change. We are a solid market, with significant resources to move the needle on the global temperature goal. Climate change is a race we can win, a race we must win, and, with Africa’s participation, it is a race we will win,” said Nyong, who was named among the world’s 100 “Most Influential People in Climate Policy” for his impact on influencing climate policy on the continent.
The Africa Climate Week 2019, attended by 3,000 participants, ended on March 23, 2019, after a five-day programme of events focusing on actions to meet the 1.5C temperature goal and building climate resilience both of which are linked in the Paris Agreement.
The week ended with a summary event where key takeaways were presented to Ambassador Luis Alfonso de Alba, UN Secretary-General’s Special Envoy for this year’s Climate Action Summit, as input into the September 2019 UN Climate Summit.
African policymakers remained focused on the opportunities to deliver their countries’ national climate action plans under the Paris Agreement (Nationally Determined Contributions or NDCs). Adequate capital flows to the continent and skills development remain a barrier to meeting the NDC targets. Enabling environments and customer designed financial instruments, such as green and climate-themed bonds, special-purpose bonds, and crowdfunding are possible avenues to alleviate the problem.
The African Development Bank continues to lead in the fight against climate change by ensuring investments within African countries boost economies while also delivering climate co-benefits.
Bank President, Dr. Akinwumi A. Adesina announced the Bank’s increase of climate finance to at least US$25 billion for the period 2020-2025, at the One Planet Summit held in Nairobi, Kenya last week.
Together with partners such as the Green Climate Fund and the EU, the Bank approved financing for the first project under The “Desert to Power” program, the Yeleen Rural Electrification Project in Burkina Faso. “Desert to Power” is a $10 billion initiative to build a 10 GW solar zone across the Sahel—the largest in the world.
Original source: AfDB
Published on 27 March 2019
