International
CLIMATE CHANGE: AfDB to spend $25bn on Nigeria, other African countries
The African Development Bank (AfDB) on Thursday pledged the commitment of $25billion to help Nigeria and other African countries fight the threat of climate change.
This was disclosed at the One Planet Summit in Nairobi by the Bank’s President, Akinwumi Adesina.
Adesina who made this commitment at a plenary attended by Heads of State, including President Uhuru Kenyatta of Kenya, and French President Emmanuel Macron, explained that the financial commitment would spread from 2020 to 2025.
Adesina said, “The required level of financing is only feasible with the direct involvement of the entire financial sector.
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”Consequently, the bank launched the African Financial Alliance for Climate Change to link all stock exchanges, pension and sovereign wealth funds, central banks and other financial institutions of Africa to mobilise and incentivise the shift of their portfolios towards low carbon and climate resilient investments.”
He added that it became necessary for the continent to continue to consider alternatives in renewable energy.
“We have to be proactive in exploring alternatives. We will, therefore, be launching the ‘green baseload’ facility under the Sustainable Energy Fund for Africa, to provide concessional finance and technical assistance to support the penetration and scale-up of renewable energy, to provide affordable and reliable renewable energy baseload,” Adesina added.
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