The World Bank Group has announced during the third One Planet Summit in Niarobi,Kenya that it would scale up its climate support for Africa through the provision of $22.5 billion for climate adaptation and mitigation from 2021-2025,according to a release from the group.
"This more than doubles the commitment to climate-related projects over the last five years. The funding is part of the Bank Group's 2025 Targets to Step Up Climate Action, launched in December 2018 during the UN's COP24 in Poland. It will help African countries manage the risks of a changing climate while unlocking new investment opportunities. IFC and MIGA, the Group's private sector arms, will also continue to ambitiously grow their climate activities in Africa," the release stated.
The release noted that a number of countries in Africa were among the most vulnerable to global climate shocks and stresses, and in line with the new climate financing commitments and future direction of the Africa Climate Business Plan, more than half of the $22.5bn financing will be devoted to supporting adaptation and resilience in the continent.
"This will amount to about $12-$12.5 billion over five years from 2021-2025."
It disclosed that the World Bank will provide the government of Ethiopia with a results-based support program for adaptation and resilience, the largest done by the World Bank ever in Africa.
It added that the new operation, which is currently under preparation, will provide $500 million for results in improved watershed management and land administration systems.
"People across Africa are already experiencing the growing impacts of climate change. This region is particularly vulnerable to increasing floods, droughts and destructive storms," said Interim President of the World Bank Group, Kristalina Georgieva. "We have to do more and do it faster, or millions of people could be plunged into poverty. That's why the World Bank is providing more money to build resilience and help communities cope with the effects of climate change in Africa."
The bank has also agreed to carry out intensive Nationally Determined Contributions (NDC) engagements with Rwanda and Kenya, under the framework of the NDC Partnership, and with generous support from Germany's BMZ.
"The engagements will help accelerate the implementation of, and raise the level of ambition for, their NDCs by supporting systematic mainstreaming and institutionalization of climate adaptation and mitigation across and within key development sectors and governance levels."