Adesina expected to make major announcement to fight climate change and promote renewable energies
The President of the African Development Bank Dr. Akinwumi Adesina, will lead a delegation to the One Planet Summit (OPS 2019), which will take place in Nairobi, Kenya on 14 March 2019 as part of the 4th session of the United Nations Environment Assembly (UNEA-4), running from 11 to 15 March 2019.
This third edition of the Summit convenes committed African leaders, entrepreneurs, donors, international organisations and civil society, to help increase attention and awareness on climate investments in line with the Paris Agreement objectives signed in 2015 to contain global warming. This year's event is also the first regional edition of the Summit. It will highlight the continent's unique opportunity to catalyze climate action to deliver high impact outcomes for African populations and to protect biodiversity in Africa.
The Bank's President will be actively involved in high-level conversations, sectoral deep dives and coalition building for climate and environmental action in Africa. The Bank's representatives, including Amadou Hott, Vice-President, Power, Energy, Climate and Green Growth and Anthony Nyong, Director for Climate Change and Green Growth, will also be highlighting innovative and impactful deals and projects within the climate change and renewable energy space.
During the Summit, Adesina is expected to make a major announcement about fighting climate change and promoting renewable energies.
"The share of renewable energy in the Bank's energy generation portfolio increased from 59% during the 2013-2015 period to 95% during the subsequent 3-years after we launched the New Deal on Energy for Africa. And, in 2017, we achieved a record of 100% renewable energies, "Adesina said.
From developing and implementing robust strategies that increase the capacity of African countries to tackle climate change risks, to identifying and funding new investment opportunities into low carbon and climate resilient technologies, the Bank continues to play a leading role in fostering resilience and adaptation to adverse climate change.
On the climate side, 32%[1] of Bank's overall approvals in 2018 were allocated as climate finance, which represents a 6% increase compared to 2017 and a major step towards the 40% annual climate finance target by 2020 set by the Bank in its second Climate Change Action Plan (CCAP2), the most ambitious of all the Multilateral Development Banks.
"By 2020, 40% of our investments should be dedicated to climate finance. This is the largest ratio at the level of regional development banks," Hott said, a day before the Summit. The Bank is also investing heavily in renewable energy. Its Desert to Power program, launched with several partners, aims to facilitate access to energy for 250 million people in the Sahelo-Saharan zone through solar energy.
The African Development Bank's High 5 Agenda - Power Africa, Feed Africa, Industrialize Africa, Integrate Africa and Improve the quality of life of every African - aligns with the Sustainable Development Goals. It provides a framework for the implementation of the Bank's 2nd Climate Change Action Plan, which identifies specific actions and targets to make significant contributions to Africa's transition to low-carbon and climate resilient development.
[1] This is based on current analysis. The final verification is under way in accordance with the joint MDB methodology
