The African Development Bank Group’s 2023 Annual Meetings which commenced on Tuesday, with African leaders and the Bank’s President, Dr Akinwumi Adesina, is urging increased financing to address Africa’s pressing climate action goals.
Adesina highlighted the significant disparity between Africa’s estimated climate financing needs of $2.7 trillion from 2020 to 2030 and the insufficient flow of resources to the continent. Currently, Africa receives a mere 3% of global climate finance, with a meager 14% coming from the private sector.
Under the theme “Mobilizing Private Sector Financing for Climate and Green Growth in Africa,” this year’s Annual Meetings aim to unite the Bank’s Board of Governors, development partners, private sector representatives, and civil society organizations.
During the opening remarks, Egyptian President Abdel Fattah El-Sisi emphasized the necessity for creative solutions to tackle the complex challenges facing Africa and the world.
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El-Sisi highlighted the staggering financial requirements for Africa, including $144 billion annually to address the aftermath of the COVID-19 pandemic, $108 billion for adaptation projects and infrastructure upgrades, and $200 billion to achieve the Sustainable Development Goals.
President El-Sisi praised the Annual Meetings as a valuable opportunity to share expertise, provide technical support, and address the far-reaching implications of climate change. Other speakers, including the Union of Comoros President Azali Assoumani and African Union Commission Chairperson Moussa Faki Mahamat, echoed the urgent need for resources to combat climate change and foster green economic growth in Africa.