African Development Bank and GCF to unlock Africa’s potential in full-scale partnershipAbidjan,
"Only by defeating the climate change threat in Africa can we reach a global solution," said Akinwumi Adesina.
Mr Adesina called on AfDB and GCF to "work together to win this war," while signing an Accreditation Master Agreement (AMA). These legal arrangements allow Accredited Entities such as AfDB to implement GCF-approved projects.
"Together with the Green Climate Fund, we can do a lot to move the continent towards low-carbon and climate-resilient development," added Mr Adesina.
Approved as a GCF Accredited Entity in March 2016, AfDB is working on a series of mitigation and adaptation initiatives at the national and regional levels designed to enhance African countries' access to GCF resources.
GCF Executive Director Howard Bamsey said GCF's partnership with AfDB will be key in unlocking the potential across the African continent to pursue climate resilient and low-emission growth.
"The AfDB has already shown through its climate change action plan that it is committed to helping African countries implement their Nationally Determined Contributions (NDCs) under the Paris Agreement," said Mr Bamsey.
AfDB's climate action plan, which runs from 2016 to 2020, is designed to ensure that inclusive and green growth across the African continent will also improve water, energy and food security, and promote the sustainable use of natural resources.
During the last five years before its current climate plan, AfDB mobilized about USD 12 billion for low-carbon and climate resilient projects, with its internal resources accounting for more than 80 percent of these investments.
Headquartered in Côte d'Ivoire, AfDB was established during the 1960s to promote investment in public and private capital to reduce poverty and improve living conditions across Africa.