$47 billion will be pumped to the African climate finance thanks to the World Bank and African Development bank who have pledged $22.5 billion and $25 billion respectively.
Climate change has been a real issue affecting many countries around the world. In Africa, those affected are the countries around the coast, which are vulnerable to the effects of climate change such as rising sea levels and coral reef deterioration. Other African countries are affected by frequent droughts, floods and desertification.
Kristalina Georgieva, Chief Executive Officer of the World Bank, saw the need to assist countries least responsible for global warming in adapting to extreme weather and food insecurity.
Speaking at the One Plant Summit, Georgieva said ‘Africa contributes 4% of CO2 emissions globally but already more than 65% of the population there is impacted by climate change, by drought, by flooding, by storms.”
AfDB said the funds will be used to increase investment in renewable projects like solar power plants. AfDB president said that part of their portofilo that was in renewable generation between 2013 and 2015 was 59% but from 2015 to 2018 it was move to 95%.
Some of the countries set to benefit from the funding are Ethiopia, Rwanda and Kenya.