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.

http://www.publicfinanceinternational.org/news/2016/03/afdb-empowered-disburse-green-climate-fund-africa

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