Half of Africa's Nations Advancing Climate Solutions to Front Burner in National Development Pla
The African Development Bank (AfDB) has released Financing Change: the AfDB and CIF for a Climate-Smart Africa, its 2015 Annual Report for its Climate Investment Funds (CIF) portfolio.
The report demonstrates that by the end of 2015 through its AfDB-supported CIF portfolio, 27 African nations - half of Africa - had become engaged in various aspects of climate solutions, and through 39 pilot programs are embedding them in their national development economic and social goals. The work is also significant institutionally for AfDB because it serves as a critical support in shifting the Bank's core work to fulfill its ambitious goal to triple climate financing for Africa by 2020.
"Since the December climate summit in Paris, the global climate finance architecture has entered a new era," stated Kurt Lonsway, Head of AfDB's Climate Change and Environment Division and CIF Coordinator. "In line with those global commitments, the Bank itself is going through a transformation under the new leadership of Akinwumi Adesina, who became our President in September 2015; and our evolving work with countries through the CIF has been essential to carving our path toward effective support for climate-smart development. Through our CIF work, we have helped Africa's middle-income and poor countries redefine their approach to economic and social development through programs and projects which are not only based on climate solutions but are also bankable, help change markets, engage a wide swath of stakeholders, and have a core of long-term sustainability. We see this as a crucial change for the future, not only for the continent, but for our planet."