By Faridat Salifu
The UN Climate Change Conference, COP28, serves as a pivotal moment for the African Development Bank to underscore the urgent need for climate action and secure substantial commitments from affluent nations to address Africa’s pressing climate challenges.
Under the leadership of President Dr. Akinwumi Adesina, the Bank Group aims to leverage this global event in Dubai from November 30 to December 12 as a platform to launch and fortify various climate action initiatives.
The delegation, comprising vice presidents, senior management, and sector experts, endeavors to enhance the Bank’s visibility within the global climate change community and garner additional resources for climate funds and facilities.
Throughout the conference, the Bank’s focus is to advance partnerships and mobilize resources for its Africa Climate Risk Insurance Facility for Adaptation (ACRIFA), emphasizing its pivotal role in raising funds for climate adaptation, resilience, and sustainable development within Africa’s agricultural sector.
Moreover, in collaboration with partners, the Bank is set to introduce the Global Battery Energy Storage System Consortium, a joint initiative with the Global Energy Alliance for People and Planet (GEAPP).
Building on its leadership in the 10 GW Desert-to-Power solar energy initiative, the Bank aims to secure commitments for 5 GW and mobilize over $4 billion, significantly reducing the cost of renewable energy technologies.
Another key priority for the African Development Bank during COP28 is to solidify funding commitments for its $10-billion Alliance for Green Infrastructure in Africa (AGIA).
This initiative plays a pivotal role in supporting green infrastructure development across the continent, contributing to Africa’s efforts in achieving sustainable, climate-resilient infrastructure.
The upcoming UN Climate Change Conference, COP28, presents a significant platform for the African Development Bank to advance various climate and development initiatives while emphasizing the crucial need for climate finance for Africa’s sustainable future.
During this global event, scheduled in Dubai from November 30 to December 12, the Bank will showcase its commitment to climate action through initiatives such as the Bridgetown initiative, a comprehensive climate and development plan.
The Bank aims to host a high-level session advocating for channelling IMF special drawing rights to multilateral development banks and announcing pledges, fostering a holistic approach to addressing climate change.
Recognizing the pivotal role of partnerships and collaboration across various stakeholders, including governments, the private sector, youth, and civil society, the Bank emphasizes Africa’s urgent need for climate finance.
Despite contributing less than 4% to global carbon emissions, the continent seeks increased climate finance from wealthier, high-polluting countries.
At COP28, Africa aims to establish a new “loss and damage” fund and advocate for carbon taxes on sectors like fossil fuels, maritime transport, and aviation.
Underlining the continent’s substantial climate finance requirements, estimated at up to $2.8 trillion through 2030, the Bank calls for transformative action to prioritize Africa’s climate needs.
President Dr. Akinwumi Adesina has articulated bold actions, committing $25 billion towards climate finance by 2025 and launching the African Adaptation Acceleration Program in collaboration with the Global Center on Adaptation.
Renewable energy takes center stage, with the Bank’s implementation of the $20-billion Desert-to-Power initiative, aiming to harness solar energy’s potential to provide electricity for 250 million people.
This aligns with Africa’s significant solar, hydro, and geothermal energy resources, offering promising opportunities for resilience and sustainable energy solutions.
Furthermore, the Bank continues to pioneer interventions in climate finance, deploying funds and initiating multi-pronged initiatives that leverage technology to enhance food production and nutrition across Africa.
Programs such as the Special Agro-Industrial Processing Zones (SAPZs) and the Technologies for African Agricultural Transformation (TAAT) align with the Bank’s mission to advance sustainability.