In addressing the issue of Climate Change, the President of the African Development Bank, Dr. Akinwumi Adesina, highlighted the necessity for Africa to secure $277 billion annually. Speaking during the 50th-anniversary event of the Islamic Development Bank in Riyadh, Saudi Arabia, Adesina underscored the urgent need for this substantial financial commitment.
Despite the daunting amount required, Adesina revealed that the current annual funding towards Climate Change efforts in Africa stands at a mere $30 billion. To bridge this gap, the African Development Bank has set an ambitious target of raising $25 billion dedicated to climate adaptation by the year 2025.
Adesina emphasized, “Africa will need $277 billion per year to address climate change, yet it receives only $30 billion annually… AFDB has set a target to raise $25 billion for climate adaptation by 2025.”
Furthermore, it was noted that a staggering $4 trillion in annual financing is imperative on a global scale to effectively support the achievement of the Sustainable Development Goals.