The African Development Bank (AfDB) says it is supporting African countries to implement their Nationally Determined Contributions (NDCs) to promote green growth and energy transitions.
Dr Akinwumi Adesina, the President, AfDB, said this at the opening of the 2021 Annual Meetings of the AfDB, held virtually on Wednesday.
According to Wikipedia, Nationally Determined Contributions (NDC) or Intended Nationally Determined Contributions (INDC) are non-binding national plans highlighting climate actions.
This includes climate related targets for greenhouse, gas emission reductions, policies and measures that governments aim to implement, in response to climate change and as a contribution to achieve the global targets set out in the Paris Agreement.
Adesina stressed that the bank was taking decisive actions on the climate and green recovery.
“The bank, together with the Global Centre on Adaptation, launched the African Adaptation Acceleration Programme, to help mobilise $25 billion for climate adaptation in Africa.
“The bank is supporting African countries to implement their nationally determined contributions, to promote green growth and energy transitions, as we look forward to COP26 in Glasgow,” he said.
The AfDB president also pointed out that the bank was taking decisive actions to reboot investments into Africa, through new and clean innovations.
The Prime Minister of Chad and President, African Union Commission (AUC), Moussa Faki Mahamat, commended AfDB for organising the recent High-Level Dialogue on Climate Adaptation.
Mahamat also commended the bank for the launch of the African programme for the acceleration of adaptation in Africa, in collaboration with the Global Centre of Coronavirus for climate adaptation.
“This programme, which aims to mobilise $25 billion, will make it possible to operationalise the African initiative for climate adaptation of the African Union.”
The AUC president further commended the bank for laudable projects carried out towards the integration and economic development of Africa.
“There is, among others, the ‘From Desert to Electricity’ initiative, the AFAWA programme for women’s entrepreneurship, and the launch of investment banks for youth entrepreneurship.
“The implementation of all these projects will accelerate the achievement of Agenda 2063 and our common aspiration, which is the Africa we want.”
The prime minister also appealed to the AfDB to develop innovative financing mechanisms.
He, however, welcomed the encouraging results obtained by the Africa Investment Forum (AIF) and urged the bank to deploy instruments to mobilise internal resources and resources from the African Diaspora.
He said this would encourage investors and institutions such as pension funds and sovereign wealth funds to invest in Africa.
Also, in his remarks, Ghanaian President Nana Akufo-Addo said the pandemic exposed deep structural fragilities that required urgent attention.
Akufo-Addo said this was particularly in relation to green growth, climate-conscious industrialisation and the creation of resilient economies.
He, however, expressed optimism in additional collaborations, partnerships, and the continued allocation of substantial resources towards initiatives that accelerate Africa’s chances at building back boldly, better and greener.
“I ask that we remain focused on promoting inclusive growth, especially in digitalisation, health, agriculture, industrial processing, and eliminating gender disparities,” he said.
The AfDB Group’s Annual Meetings, being held from June 23 to June 25, presents an opportunity to discuss the economies and livelihoods of African countries.
Participants include finance ministers, central bank governors, policy makers, representatives of civil society groups, heads of international organisations, business leaders from the bank and group’s member states.
By Temitope Ponle