The Chief Executive Officer of the African Development Bank (AfDB), Dr. Akinwunmi Adesina has announced the intention of the bank to provide $25 billion to Africa’s Climate Fund by 2050.
Dr. Akinwunmi Adesina said this recently at the African Climate Summit in Kenya, according to him, the Bank is committed to contributing $25 billion to the continent in funding climate finance, to accelerate the transition to cleaner energy sources.
While speaking at the Summit, he explained that although Africa needs to make use of its vast renewable energy potential, the continent must also make use of its vast natural gas resources to close its wide energy access gaps.
“At the national level, we must accelerate actions on climate adaptation and that is why the African Development Bank has committed to providing 25 billion to providing climate finance by 2025,” He said “We have also launched the African Adaptation Act Commission programme together with the Global Centre on Adaptation, the largest climate adaptation programme in the world. Africa must develop with what it has, not what it does not have.
“We cannot power Africa with potential. We must truly unlock Africa’s renewable energy potential. That is why the Africa Development Bank is implementing $20 billion to harness the power of solar and deliver electricity to 250 million people.
“We must power every home, school, and hospital and provide stable, affordable, and reliable power. But we must be pragmatic, Africa must use its natural gas and combine it with renewable energy” he explained.
According to him, Africa should not be penalized for using natural gas to complement renewable energy.
“Natural gas is needed to balance out the electricity supply given the intermittent nature of renewables. We must recognize the special nature of Africa. Africa has the highest level of energy poverty in the world” he said.
