Seven of the 10 countries in the world most threatened by climate change are in Africa which has had a devastating effect on the continent’s economies. In response to this the African Development Bank is championing a cause to create the Africa Financial Alliance for Climate Change.
The Bank recently brought together key continental and global stakeholders, at its 53rd Annual Meetings in Busan, Korea, for an open dialogue on creating the Africa Financial Alliance for Climate Change. The initiative was well received; participants agreed that Africa needs immediate climate change action.
Mobilising climate finance
According to Akinwumi Adesina, African Development Bank President the financing needs to meet the ambitions of the Paris Climate Agreement in Africa are enormous and the bank could not achieve this task alone.
“This is why the African Development Bank is hosting this open dialogue to initiate the establishment of the African Financial Alliance for Climate Change as a call for us to stand together to mobilise climate finance at scale to meet the needs in Africa,” he noted.
Bringing Africa financial sector together
The Alliance brings together Africa’s financial sector, including Ministers of Finance, Central Banks, insurance and reinsurance companies, sovereign wealth and pension funds, stock exchanges, and global thought leaders to mobilize climate finance for Africa.
It also hopes to come up with concrete proposals to mobilise domestic and international finance for climate-resilient development in Africa. “Together, we can create a Decarbonisation Index for Africa,” Adesina stated.
The launch of the Africa Financial Alliance for Climate Change will take place during the Africa Investment Forum in South Africa, from November 7-9, 2018, and will bring together heads of financial institutions.