AfDB to mobilize 25 bln USD for climate adaptation in Africa

Accra, Ghana | Xinhua | The African Development Bank (AfDB) will mobilize at least 25 billion U.S. dollars to support Africa’s climate adaptation programs, AfDB President Akinwumi Adesina said Monday.

“Climate change is killing African economies. Annually, Africa loses 7 billion-15 billion dollars due to climate change. This is expected to rise to 50 billion dollars a year by 2040,” said the AfDB president at a media breakfast during the bank’s 2022 annual meetings.

“The Bank has doubled its climate finance to 25 billion dollars by 2025,” he announced.

To secure Africa’s food supplies in the face of climate change, Adesina said the bank’s flagship program “Technologies for African Agricultural Transformation (TAAT)” has delivered climate-smart seeds to 12 million farmers in 27 countries in just two years.

“TAAT delivered water-efficient maize to 5.6 million households in East Africa, an area hit by severe droughts three years ago,” he added.

Adesina also noted that the bank is now implementing a 20-billion-dollar Desert-to-Power initiative in the Sahel region that would provide electricity generated from solar power for 250 million people.

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Xinhua