AFDB Empowered to Disburse Green Climate Fund in Africa
The bank hopes that its accreditation will expand access to the fund’s resources for a continent that still lags behind other regions in attracting the necessary financing needed to implement climate-smart initiatives.
As well as struggling to attract funds, Africa is one of the regions that will be worst-affected by climate change. The United Nations Environment Programme estimates that adaptation expenditures for sub-Saharan Africa alone could total $67bn by 2050, even in a 2°C world.
Alex Rugamba, energy, environment and climate change director and chair of the AfDB Climate Change Coordination Committee, said the bank was committed to scaling up its climate finance to $5bn a year by 2020 to support adaptation and mitigation challenges in Africa.