What: Adaptation Finance Summit For Africa at COP28
Who: African Development Bank Group, Global Center on Adaptation, African Union Commission, The Government of Kenya, Government of Senegal
When: 1 December 2023; 15:30 - 16:30 Dubai Time (GMT+4)
Where: COP28 Room MR6, Expo City Dubai, and online
The Adaptation Finance Summit for Africa, a key event at COP28, provides a crucial stage for African leaders, development partners, and financial institutions to address the critical need for adaptation finance in Africa.
The summit will take stock of progress, secure further commitments to the Africa Adaptation Acceleration Program (AAAP), and accelerate climate adaptation implementation across the continent.
The event will be co-hosted by Kenyan President William Ruto, chair of the African Climate Summit; President Macky Sall of Senegal; Dr Akinwumi Adesina, President of the African Development Bank Group; H.E Moussa Faki Mahamat, Chairperson of African Union Commission, and Patrick V. Verkooijen, CEO of the Global Center on Adaptation.
The summit will feature presentations by African leaders showcasing national adaptation investment compacts, keynote addresses by the heads of event partners, the COP28 President, and IMF Managing Director Kristalina Georgieva.
Expected Outcomes
Secure renewed commitments to the Africa Adaptation Acceleration Program capitalization targets
Foster collaboration among African finance and economy ministers to launch the Adaptation Finance Ministerial for Africa in 2024
Strengthen the integration of climate resilience into Africa's development agenda
Background
Africa is disproportionately affected by climate change despite contributing the least to global emissions. The continent requires significant financial resources to adapt effectively to the escalating climate risks. Adaptation funding, currently at 39% of all climate finance flows to Africa, must rapidly increase in coming years to enable the continent to manage complex and escalating climate risks for communities and its fast-paced emerging economy.
The region's five initial participating countries in the International Monetary Fund (IMF)
Resilience and Sustainability Trust (RST) represent half of all beneficiaries. Africa also launched the world's largest adaptation program, the $25 billion Africa Adaptation Acceleration Program (AAAP), led by the African Development Bank, the African Union Commission, and the Global Center on Adaptation, to actualize the vision of the Africa Adaptation Initiative.
At the Nairobi Africa Climate Summit in September 2023, African leaders put forward seven national Compacts to serve as investment roadmaps for climate adaptation under the AAAP. They will again present further Compacts at COP28 as a part of the region's strategic mobilization of adaptation resources.
Click here to join the event online.
Contact: Joash Moitui, Communications and Knowledge Management, Africa Adaptation Acceleration Program: [email protected]
