The World Bank Group has made several announcements to scale up support for both climate adaptation and mitigation in Africa, during the third One Planet Summit.
According to a statement obtained from the website of the Bank, that was signed by its Interim President, Kristalina Georgieva, the summit was being convened by President of Kenya, Uhuru Kenyatta, President the France President, Emmanuel Macron, Interim President of the World Bank Group, Kristalina Georgieva, and Deputy Secretary-General of the United Nations, Amina Mohammed.
The statement also noted that the World Bank Group was stepping up its climate support for Africa, "with continued strong support for IDA, the fund of the Bank for the world's poorest countries, this will provide $22.5 billion for Africa for climate adaptation and mitigation for the five years from 2021-2025."
Georgieva, in the statement further noted that the support doubles the commitment to climate-related projects over the last five years, stating that the funding was part of the bank 2025 targets to step up climate action, launched in December 2018 during the UN's COP24 in Poland.
According to Georgieva in the statement, "People across Africa are already experiencing the growing impacts of climate change. This region is particularly vulnerable to increasing floods, droughts and destructive storms. 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.
"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.
"Recognising that a number of countries in Africa are among the most vulnerable to global climate shocks and stresses, and in line with these new climate financing commitments and future direction of our Africa Climate Business Plan, more than half of the $22.5bn financing will be devoted to supporting adaptation and resilience in Africa. This will amount to about $12-$12.5 billion over five years from 2021-2025.
"This year 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. 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. 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."