President, African Development Bank Group, Dr Akinwumi A. Adesina, has said the bank would provide $12.5bn to support the Africa Adaptation Acceleration Programme (AAAP).
The AfDB boss disclosed this via his verified twitter handle @akin_adesina.
The AAAP is Africa’s own programme supported by African heads of state, to mobilise more resources for climate change, to advance the objectives of the African Adaptation Initiative.
The African Development Bank and the Global Centre on Adaptation are mobilising $25 billion for this programme – the largest ever climate adaptation effort globally – to which the African Development Bank has already committed $12.5 billion
“The Africa Adaptation Acceleration Program (AAAP) is the largest effort globally for adaptation, but we need money. The African Development Bank Group put down $12.5bn out of $25bn so we are not begging. We are saying, We have come to the conversation with commitment; meet us halfway,” the AfDB said.
Speaking during the recently concluded Africa Climate Adaptation Summit held in Rotterdam, the Netherlands, Adesina said Africa does not contribute more than 3 per cent of global greenhouse gas emissions but suffers disproportionately from its negative consequences.
The AAAP will be implemented through two mechanisms: First, an AAAP Upstream Financing Facility, housed at the Global Centre on Adaptation, to support the evidence-based knowledge, project design and preparation, and policy work needed for the success of AAAP operations. The AAAP Upstream Financing Facility provides resources to strengthen adaptation and resilience components into multilateral development bank projects in the pipeline.
Second, an AAAP Downstream Investment Facility needs to be housed at the African Development Bank. It is being developed under the direct leadership of the AfDB president, Akinwumi Adesina.
