Dr Akinwumi Adesina, President of the African Development Bank (AfDB) Group, said the bank will provide $12.5 billion to support the Africa Adaptation Acceleration Programme (AAA-P).
The AAA-P is Africa’s own programme, supported by African Heads of State, to mobilise more resources for climate change, and to advance the objectives of the African Adaptation Initiative.
AfDB president Adesina, during the recently concluded African Climate Adaptation Summit in Rotterdam, Netherlands said, “The Africa Adaptation Acceleration Program (AAA-P) is the largest effort globally for adaptation. But we need money.
The African Development Bank Group put down 12.5 billion dollars out of 25 billion dollars so we are not begging.
We are saying we didn’t (create) the problem. We have come to the conversation with commitment, meet us halfway.”
“New estimates by the African Economic Outlook of the African Development Bank show that Africa will need between 1.3 and 1.6 trillion dollars between 2020 to 2030, or 118 billion dollars to 145 billion dollars annually, to implement its commitments to the Paris Agreement and its nationally determined contributions.”
The AAA-P would be implemented through two mechanisms: First, an AAA-P Upstream Financing Facility, housed at the GCA, to support the evidence-based knowledge, project design and preparation, and policy work needed for the success of AAA-P operations.
Second, an AAA-P Downstream Investment Facility, to be housed at the AfDB, would be developed under the direct leadership of the president of the bank.
The facility was expected to use the resources to unlock financing from African national governments, impact investors, foundations, and other innovative sources, such as resilience bonds and debt for climate adaptation swaps, in a coordinated programme.