World Bank, AfDB commit $47 billion to African climate finance

Environment

French President Emmanuel Macron sits among delegates at the United Nations Environment Assembly (UNEA) in Gigiri within Nairobi, Kenya March 14, 2019. REUTERS/Thomas Mukoya

NAIROBI (Reuters) – The World Bank and the African Development Bank will together commit more than $47 billion by 2025 to help African countries tackle the effects of climate change, the banks said on Thursday.

Many countries on the continent, especially those on the coast, are among the most vulnerable to the effects of climate change such as rising sea levels and coral reef deterioration.

Others are prone to more frequent droughts, desertification and floods.

The World Bank said in a statement it had pledged $22.5 billion for 2021-2025, while AfDB said it had committed $25 billion to climate finance between 2020 and 2025.

AfDB said the funds would be used to increase investment in renewable energy projects like solar power plants.

“The share of our portfolio that was in renewable energy generation between 2013 and 2015 was 59 percent but from 2015 to 2018 we moved from that to 95 percent,” AfDB president Akinwumi Adesina told Reuters on the sidelines of a U.N. environment meeting.

The World Bank said some of the beneficiaries of its funding would include projects in Ethiopia, Rwanda and Kenya.

Reporting by John Ndiso; Editing by George Obulutsa and Mark Potter

Products You May Like

Articles You May Like

‘Creating Woodstock’: how festival came together, and almost fell apart
British spy agencies see foreign ties intact despite Brexit
Alibaba and the $15 billion question: Amid Hong Kong’s protests, when to list?
Cuban government imposes price controls as it seeks to keep lid on inflation
A vote of no confidence in PM Johnson? Labour says: it’s an option

Leave a Reply

Your email address will not be published. Required fields are marked *