Insufficient climate financing is “choking” Africa – AfDB’s President

Akinwumi Adesina, African Development Bank Group (AfDB), emphasised on Monday the dire need for sufficiently financing the African continent to mitigate climate change effects, according to the bank’s statement released on Monday.

“Africa is being short-changed in climate finance. Africa is choking,” Adesina mentioned during a media lunch commencing the AfDB’s 2023 annual meeting that is taking place in Sharm El Sheikh.

Adesina also referred to the necessity of increasing private sector climate financing. “Africa’s private sector climate financing will need to increase by 36 percent annually,” he said.

This year’s annual meeting is held under the theme “Mobilizing Private Sector Financing for Climate and Green Growth in Africa.” The AfDB’s president said the theme was chosen to draw attention to the urgent need for climate finance.

Furthermore, Adesina faulted developed nations for not honouring the $100 billion-a-year climate finance pledge they made to developing countries.

Adesina was accompanied by Vice Presidents Professor Kevin Urama, Kevin Kariuki, Beth Dunford, Solomon Quaynor, Marie-Laure Akin-Olugbade, and Simon Mizrahi.