President Biden's Special Envoy for Climate, Secretary John Kerry Meets African Development Bank President, Akinwumi Adesina on Climate Financing for Africa.
ENPNewswire-September 27, 2021--President Biden's Special Envoy for Climate, Secretary John Kerry Meets African Development Bank President, Akinwumi Adesina on Climate Financing for Africa
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Release date- 26092021 - US President Joseph Biden's special envoy for Climate, Secretary John Kerry, and the African Development Bank President Dr. Akinwumi Adesina have held a virtual meeting ahead of November's global climate summit, COP26.
They discussed Africa's climate emergency, preparations for COP26 and how the US can help close the annual $27 billion climate finance gap for Africa.
Dr. Adesina praised President Biden's bold announcement doubling the US government's contribution to climate finance to $11.4 billion a year by 2024.
The African Development Bank is taking strong actions to tackle climate change on the continent and has committed to doubling its climate finance to $25 billion by 2025.
The Bank is spearheading efforts to mobilize increased private sector financing for climate change through several initiatives,including the Africa Financial Alliance for Climate Change. It is mobilizing all financial institutions, the private sector and stock markets to increase their investments in green and clean energy.
'It is time to move from billions to trillions of dollars of investments in climate financing to build Africa's resilience,and the private sector must play a much larger role,' Dr. Adesina said.
Dr. Adesina also briefed Secretary Kerry about the Bank's bold initiatives, including investment in the construction of the world's largest solar power zone. The Desert-to-Power project will generate 10,000 megawatts of electricity for 250 million people.
In addition, the Bank and the Global Center for Adaptation have launched the African Adaptation...
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