Africa’s 0.2% shares of global green bonds need to get higher- AfDB Chief

Africa’s shares of global green bonds represent 0.2 percent of two trillion dollars, said president of the African Development Bank (AfDB) on Wednesday.

Akinwumi Adesina made these remarks on the Launch of the African Economic Outlook 2023 on the sidelines of the AfDB’s Annual Meetings.

Adesina stressed on Africa’s need to attract higher green bond shares, especially when the continent only gets $30 billion from climate financing.

Africa is on the right path, with most African countries returning to pre-pandemic levels, despite the high global inflation rates, monetary tightening policies from the US and European Union countries, which lead to higher interest rates, Adesina added.

Adesina gave recommendations for policy changes; change in industrial policies, diversifying the African economies, incentives, stronger capital markets, and the development of private sector investment in green projects in the continent.