By Faridat Salifu
The upcoming UN Climate Change Conference, COP28, stands as a critical opportunity for the African Development Bank to emphasize the pressing need for climate action and secure robust commitments from wealthier countries to address Africa’s urgent climate change challenges.
Led by President Dr. Akinwumi Adesina, the Bank Group plans to use this global event, scheduled to take place in Dubai from November 30 to December 12, as a platform to launch and solidify various climate action initiatives.
The delegation, including vice presidents, senior management, and sector experts, seeks to elevate the Bank’s visibility within the global climate change community and rally additional resources for climate funds and facilities.
Throughout the conference, the Bank aims to advance partnerships and resource mobilization for its Africa Climate Risk Insurance Facility for Adaptation (ACRIFA), highlighting it as a crucial tool to raise the necessary funds for climate adaptation, resilience, and sustainable development within Africa’s agricultural sector.
Furthermore, the Bank will be collaborating with partners to launch the Global Battery Energy Storage System Consortium, a joint initiative with the Global Energy Alliance for People and Planet (GEAPP).
Through its leading role in the 10 GW Desert-to-Power solar energy initiative, the Bank aims to secure commitments for 5 GW and mobilize over $4 billion to significantly reduce the cost of renewable energy technologies.
Another focus 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 is pivotal in supporting green infrastructure development across the continent and enhancing Africa’s efforts in achieving sustainable, climate-resilient infrastructure.
The upcoming UN Climate Change Conference, COP28, is set to be a significant platform for the African Development Bank as it plans to advance various climate and development initiatives while emphasizing the pressing need for climate finance for Africa’s sustainable future.
During this global event, scheduled to take place 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 climate and development plan.
The Bank aims to host a high-level session to advocate for channelling IMF special drawing rights to multilateral development banks and announce pledges, fostering a holistic approach to addressing climate change.
As the COP annual meetings provide a global platform for nations to negotiate an internationally agreed way forward to tackle climate change, the Bank recognizes the crucial role of partnerships and collaboration across various stakeholders, including governments, the private sector, youth, and civil society.
Africa’s urgent need for climate finance is underscored by the continent’s minimal contribution to global carbon emissions, standing at less than 4%.
Despite this, Africa is seeking increased climate finance from wealthier, high-polluting countries, aiming to establish a new “loss and damage” fund at COP28 and advocate for carbon taxes on sectors like fossil fuels, maritime transport, and aviation.
Highlighting the continent’s substantial climate finance requirements, estimated at up to $2.8 trillion through 2030, the Bank emphasizes the need for transformative action to prioritize Africa’s climate needs.
President Dr. Akinwumi Adesina has called for bold actions and outlined the Bank’s commitments to providing $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 the potential of solar energy to deliver electricity for 250 million people.
The Bank’s emphasis on unlocking Africa’s renewable energy potential aligns with the continent’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, deployment of funds, and multi-pronged initiatives utilizing technology to boost food production and nutrition across Africa.
This includes programs such as the Special Agro-Industrial Processing Zones (SAPZs) and the Technologies for African Agricultural Transformation (TAAT), aligning with the Bank’s mission to advance sustainable.