AU and Global Center on Adaptation to host climate adaptation forum aiming to raise $25 billion by 2025

AU and Global Center on Adaptation to host climate adaptation forum aiming to raise $25 billion by 2025

NAIROBI, Kenya- The African Union and the Global Center on Adaptation are about to organize a summit in collaboration with the African Union, the African Development Bank, the International Monetary Fund, the Africa Adaptation Initiative and the Climate Vulnerability Forum.

This is in preparation for COP27 in Sharm el-Sheikh, Egypt, which is only two months away. African Heads of State and other world leaders will gather in Rotterdam, the Netherlands, for the Africa Adaptation Summit.

The summit is expected to garner more support and resources for the region’s flagship Africa Adaptation Acceleration Program (AAAP).
A program to realize the vision of the Africa Adaptation Initiative by mobilizing $25 billion in investments by 2025 for climate adaptation in food security, resilient infrastructure, adaptation jobs and development. climate finance.

President Macky Sall of Senegal and Chair of the African Union and outgoing President of Kenya and Global Champion of the Africa Adaptation Acceleration Program (AAAP), Uhuru Kenyatta, are expected to spearhead the agenda from the continent on climate change during the forum.

Others are President Sahle-Work Zewde of Ethiopia; President Nana Akufo-Addo of Ghana and Chair of the Climate Vulnerable Forum; President Ali Bongo Ondimba of Gabon and Chairman of the Africa Adaptation Initiative; President Félix Tshisekedi of the Democratic Republic of Congo; and President Hakainde Hichilema of Zambia.

Invited European heads of state and government are also expected to speak at the summit, including Prime Minister Mark Rutte of the Netherlands; President Emmanuel Macron of France; Prime Minister Metter Frederiksen of Denmark; Prime Minister Sanna Marin of Finland and Prime Minister Jonas Gahr Støre of Norway. Prime Minister Justin Trudeau of Canada is also expected to speak.

As world leaders expected to speak, UN Under-Secretary-General Amina J. Mohammed; the Chairperson of the African Union Commission, Moussa Faki; International Monetary Fund Managing Director Kristalina Georgieva; World Trade Organization Director General Ngozi Okonjo-Iweala; President of COP26 Alok Sharma; Frans Timmermans, Executive Vice-President of the European Commission; European Investment Bank President Werner Hoyer; Patrick Verkooijen, Director General of the Global Center for Adaptation; the President of the African Development Bank Group, Akinwumi Adesina; and the 8th Secretary-General of the United Nations and President of the Global Center on Adaptation, Ban Ki-moon.

Africa’s vulnerability to climate change continues to increase as the gap between available funding for climate adaptation and needs continues to grow.

The latest report from the Climate Policy Initiative and the Global Center on Adaptation reveals that Nationally Determined Contributions (NDCs) from 51 African countries cumulatively show an investment need of around $579 billion for adaptation through 2030. This compares to the $11.4 billion in tracking funding for adaptation in Africa on average annually in 2019-2020. If this trend continues through 2030, cumulative adaptation financing in 2030 will be $125.4 billion, less than a quarter of the estimated needs indicated in the NDCs.

Funding for the AAAP is mobilized through upstream and downstream funding mechanisms approved by the African Union. The Upstream Financing Facility, managed by the Global Center on Adaptation, is targeting capitalization of $250 million to attract billions of dollars of investment in proven adaptation strategies.

The objective of this fund is to strengthen the adaptation and resilience components of projects that need the support of multilateral development banks and other development financial institutions.

The African Development Bank operates the Downstream Climate Finance Facility provided for in the 16th Replenishment of the African Development Fund, the concessional lending arm of the Bank Group.

To date, this dual funding strategy has enabled the AAAP to quickly achieve large-scale impact by integrating adaptation into projects worth more than $3 billion.

GAROWE ONLINE

About Wanda Dufresne

Check Also

EU seeks $140 billion to insulate consumers from energy crisis

By Kate Abnett and Tom Käckenhoff BRUSSELS/DUESSELDORF (Reuters) – The European Union executive announced on …