Climate change: AFDB to donate $12.5billion to support AAA-P

The President of the African Development Bank (AfDB) Group, Dr Akinwumi Adesina, has dowclosed that the bank will provide 12.5 billion dollars to support the Africa Adaptation Acceleration Programme (AAA-P).

The AfDB president disclosed this via his verified twitter handle @akin_adesina on Wednesday.

The AAA-P is Africa’s own programme, supported by African Heads of State, to mobilise more resources for climate change, to advance the objectives of the African Adaptation Initiative.

According to NANs report, the AfDB and the Global Center on Adaptation (GCA) are mobilising 25 billion dollars for this programme to which the bank committed 12.5 billion dollars.

“The Africa Adaptation Acceleration Program (AAA-P) is the largest effort globally for adaptation. But we need money.

“The African Development Bank Group put down 12.5 billion dollars out of 25 billion dollars so we are not begging.

“We are saying we didn’t (create) the problem. We have come to the conversation with commitment, meet us halfway,,” the AfDB president said.

Speaking during the recently concluded Africa Climate Adaptation Summit held in Rotterdam, Netherlands, Adesina said Africa does not contribute more than three per cent of global greenhouse gas emissions but suffered disproportionately from its negative consequences.

“Africa does not have the resources to tackle climate change. The continent receives only three per cent of global climate financing.

“If this trend continues, Africa’s climate financing gap will reach 100 billion dollars to 127 billion dollars per year through 2030.

“The current climate financing architecture is not meeting the needs of Africa.

“New estimates by the African Economic Outlook of the African Development Bank shows that Africa will need between 1.3 and 1.6 trillion dollars between 2020 to 2030, or 118 billion dollars to 145 billion dollars annually, to implement its commitments to the Paris Agreement and its nationally determined contributions.”