Monday, November 28, 2022

UK promises £200 million for Africa’s climate finance

The United Kingdom has promised to provide £200 million to the African Development Bank (AfDB) Group’s Climate Action Window.

• November 9, 2022
AfDB

The United Kingdom has promised to provide £200 million to the African Development Bank (AfDB) Group’s Climate Action Window.

According to a statement issued on the website of the AfDB, the window is a new mechanism set up to channel climate finance to help countries adapt to the impacts of climate change.

The statement quoted the British Foreign Secretary, James Cleverly, as saying this.

Mr Cleverly spoke alongside African leaders at the ongoing United Nations Climate Change Conference, or COP27, in Sharm El-Sheikh, Egypt.

“Climate change is having a devastating impact on some of the poorest countries in Sub-Saharan Africa, but historically, they have received a tiny proportion of climate finance,” he stated. “This new mechanism from the African Development Bank will see vital funds delivered to those most affected by the impacts of climate change much more quickly.”

The UK foreign secretary also said access to climate finance for emerging economies was a central focus at COP26 in Glasgow.

“I am pleased to see tangible progress being made, supported today by 200 million pounds of UK funding,” added Mr Cleverly.

According to the statement, the Glasgow Climate Pact included donors’ commitment to double adaptation finance between 2019 and 2025.

Similarly, the statement quoted UK Prime Minister Rishi Sunak saying that the UK would surpass that target and triple adaptation funding from £500 million in 2019 to £1.5 billion by 2025.

“This funding package provided to the African Development Bank will be 100 per cent earmarked for adaptation,” said Mr Sunak.

The prime minister also confirmed that the UK was delivering on the target of spending £11.6 billion on International Climate Finance (ICF) between 2021/22 and 2025/26.

Meanwhile, the president of the AfDB Group, Akinwumi Adesina, welcomed the additional funding from the United Kingdom.

“I applaud the UK government for this major contribution toward the capitalisation of the Climate Action Window of the African Development Fund,” stated Mr Adesina. “This bold move and support of the UK will strengthen our collective efforts to build climate resilience for African countries.”

(NAN)

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