AfDB calls on governments to promote access to climate finance in Africa
It made this plea ahead of the COP22.The African Development Bank (AfDB) is calling on governments to implement the Paris Agreement and ensure that climate financing is "urgently" delivered to African countries, Business Day reports.
The bank made this plea ahead of the UN climate talks, the COP22, which will be held in Marrakesh, Morocco, from November 7 to 18, 2016.
According to AfDB president Akinwumi Adesina, "much more needs to be done to increase Africa’s access to climate finance".
He pointed out that Africa is suffering from the effects of El Niño, which had caused severe drought in 14 countries, with 13 located in East and Southern Africa.
Mr Adesina also called on the Green Climate Fund and the Global Environment Facility to pay for the insurance premium of African countries through the Africa Risk Capacity.
"This will allow them to cope with extreme climate events like Senegal, which received $17 million (€15.2 million) payout to mitigate the impacts of drought."
He revealed that the bank is committed to tripling its climate change finance to about $5 billion per year, and to provide $12 billion on renewable energy investments by 2020.
In the past four years, the AfDB has granted about $7 billion to projects in support of climate resilience and low-carbon development in Africa.