The African Development Bank (AfDB) has pledged $25 billion for climate finance by 2050 to accelerate climate adaptation efforts. AfDB President Akinwunmi Adeshina made the announcement during the African Climate Summit in Nairobi, Kenya.
The summit focuses on green growth and climate finance to create a prosperous, carbon-free Africa. It also sets the agenda for Africa at the 28th UNFCCC Conference of Parties, scheduled for November 30 to December 12, 2023, in Dubai.
Adeshina emphasized the need to harness Africa’s renewable energy potential and advocated combining natural gas with renewables to meet the continent’s energy needs. This approach would contribute only 0.5% to global emissions. The AfDB is investing $20 billion in solar power projects to provide stable, affordable, and reliable electricity to 250 million people, powering homes, schools, hospitals, and more.