Mobilizing Momentum at COP28: African Leaders Unite for Climate Adaptation Financing
As the world converges at COP28 in Dubai, the second day saw a powerful call to action from African leaders, urging a global response to address the adaptation financing needs of the continent. In a high-level Adaptation Finance Summit for Africa, prominent figures including Comoros President Azali Assoumani, Tanzanian President Samia Suluhu Hassan, Senegalese President Macky Sall, Dutch Prime Minister Mark Rutte, UK Foreign Secretary David Cameron, African Development Bank Group President Dr. Akinwumi Adesina, and philanthropist Bill Gates emphasized the critical need for robust financing to combat the impacts of climate change and build resilience.
From top left to right: Union of Comoros President and African Union Chairperson Azali Assoumani, Tanzanian President Samia Suluhu Hassan, Senegalese President Macky Sall, UK Foreign Secretary David Cameron, African Development Bank Group President Dr Akinwwumi Adesina, Dutch Prime Minister Mark Rutte, philanthropist Bill Gates and 12-year-old Kenyan ambassador for the environment Karen Wanjiru Kimani
The Urgency for Increased Funding
Currently, climate adaptation funding represents only 39% of all climate finance flows to Africa. Leaders stressed the need for a rapid increase in this support to effectively tackle the challenges posed by climate change on the continent.
Innovative Initiatives by African Development Bank Group
Dr. Akinwumi Adesina, President of the African Development Bank Group, announced groundbreaking initiatives responding to Africa’s climate adaptation needs. He unveiled the operationalization of the Climate Action Window, aiming to mobilize up to $14 billion to support adaptation in 37 low-income countries. This initiative, launched at COP28, starts with a Call for Proposals, calling on donors and investors to join in delivering climate-resilient agricultural technologies, weather insurance, land rehabilitation, water, sanitation, health services, and renewable energy.
Global Center for Adaptation’s Role in Mobilizing Funds
President Samia Suluhu Hassan of Tanzania shared the country’s commitment to generating funds for climate adaptation through the Global Center for Adaptation. Formalizing partnerships under the African Adaptation Acceleration Program, Tanzania aims to mobilize $700 million in green bonds issued by commercial banks. This approach demonstrates a practical model for funding adaptation and mitigation efforts.E
African Development Bank Group
Sustainable Financing Proposals
President Macky Sall of Senegal proposed exploring options with the International Monetary Fund and other partners to finance green projects, including adaptation, using resources initially earmarked for debt repayments. This innovative approach seeks a fair and equitable method for African countries to address climate challenges without going into heavy debt.
Global Collaboration and Urgent Action
UK Foreign Secretary David Cameron stressed the urgency of the situation, emphasizing that adaptation is not a future necessity but a current imperative. Britain pledged £1.5 billion ($1.89 billion) by 2025 for adaptation efforts in Africa, emphasizing the need for wealthy nations to collaborate with multilateral development banks.
Investment Opportunities in Adaptation
Dutch Prime Minister Mark Rutte highlighted the tremendous investment opportunities in adaptation, urging countries to prioritize adaptation finance in national budgets. Managing extreme weather patterns, such as floods and droughts, must become a key element of every nation’s financial planning.
Bill Gates’ Call for Additional Funding
Philanthropist Bill Gates drew attention to the inadequacy of current funding for adaptation, likening it to the “orphan child” of climate financing. He stressed the need for additional dollars, particularly for smallholder farmers in regions like South Asia and Sub-Saharan Africa.
Empowering Youth: A Ray of Hope
On the sidelines, President Adesina acknowledged the remarkable efforts of 12-year-old Kenyan environment ambassador Karen Wanjiru Kimani, who has planted over 10,000 tree seedlings. This youth-led initiative showcases the importance of grassroots action in the fight against climate change.
As COP28 unfolds, it becomes increasingly evident that the urgent need for climate adaptation financing is at the forefront of global discussions. Leaders, philanthropists, and youth ambassadors are uniting to ensure a sustainable future, emphasizing the importance of immediate, collaborative, and innovative solutions. The theme of this year’s conference, “Unite, Act, Deliver,” resonates as a collective call to address climate change comprehensively and make lasting impacts on a global scale.
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