The African Development Bank Group President, Akinwumi Adesina, has called for urgent action to address the impact of climate change on African countries. Adesina highlighted the vulnerability of Africa to climate change, stating that "Africa is in the eye of the storm from climate change, accounting for 9 out of the 10 most vulnerable countries to climate change globally."
Speaking at a high-level roundtable on climate finance, Adesina emphasized the significant financing gap in climate adaptation, pointing out that Africa received only $30 billion per year while its needs are estimated at $277 billion per year. Despite this challenge, the African Development Bank has been exceeding its climate finance targets, with Adesina noting that the bank has consistently devoted 55% of its total financing to climate finance in 2023, surpassing the set target of 40%.
The roundtable, attended by various global leaders and stakeholders, stressed the urgency of increasing climate finance to support vulnerable countries. UK Minister Andrew Mitchell emphasized the need to double adaptation finance by 2025 and address the devastating impact of climate change on developing nations. German Minister Svenja Schulze also highlighted the importance of reforming the global financial architecture to prioritize adaptation financing.
Prime Minister Mia Mottley of Barbados called for a creative collective approach to accessing global funds, noting the need to update development assistance models to address current challenges effectively. Professor Patrick V. Verkooijen from the Global Center on Adaptation emphasized the critical need for increased investment in climate adaptation globally and in Africa, stating that "Everybody must invest more in climate adaptation."
In response to these calls, the African Development Bank has initiated innovative measures, such as the Climate Action Window and the African Adaptation Acceleration Programme, to mobilize resources for climate adaptation. Adesina highlighted the significant demand for adaptation finance, with the first call for proposals eliciting $4 billion in projects, indicating the pressing need for support in this area.
The speakers at the roundtable underlined the importance of collaborative efforts to address climate change challenges and deliver climate finance to countries in need. They emphasized the need for capacity-building, knowledge sharing, and strategic partnerships to maximize the impact of climate finance and support vulnerable communities.
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