The African Development Bank (AfDB) has reaffirmed its commitment to contribute $25 billion to Africa’s Climate Fund to expedite the shift toward cleaner energy sources.
Dr. Akinwunmi Adesina, the bank’s Chief Executive Officer, made this announcement during the ongoing African Climate Summit in Kenya.
Dr. Adesina stressed the importance of utilizing Africa’s abundant renewable energy potential while also tapping into its vast natural gas resources to bridge the continent’s energy access gaps.
He emphasized that action on climate adaptation at the national level is essential.
He stated, “We cannot power Africa with potential. We must truly unlock Africa’s renewable energy potential.
“That is why the African Development Bank is implementing $20 billion to harness the power of solar and deliver electricity to 250 million people.
“We must power every home, school, and hospital and provide stable, affordable, and reliable power.
“But we must be pragmatic; Africa must use its natural gas and combine it with renewable energy.”
The AfDB had initially pledged the $25 billion commitment during COP 27 in November 2022. At that time, the bank aimed to significantly increase access to climate finance for low-income African countries, setting a target of $25 billion by 2025.
This announcement highlights the AfDB’s dedication to supporting Africa in addressing climate change and transitioning to sustainable energy solutions, recognizing the urgency of climate action on the continent.
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