AfDB Devotes $25 Billion for African Climate Fund

To speed up climate adaptation, the African Development Bank (AfDB) has pledged to contribute $25 billion in climate finance by 2050.

The largest climate adaptation effort in the world, the African Adaption Act Commission programme, has been started by the bank. The first of its kind in Africa, the African Climate Summit emphasises climate finance and green growth to create a thriving, carbon-free Africa.

Adeshina recommended using natural gas in conjunction with renewable energy sources to power Africa, claiming that this would only add 0.5% to world emissions. Additionally, the AfDB is investing $20 billion to harness solar energy and provide 250 million people with electricity.