AfDB doubles commitment, pledges US$ 25 billion to climate finance for 2020-2025 - Mega Icon Magazine
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AfDB doubles commitment, pledges US$ 25 billion to climate finance for 2020-2025

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The African Development Bank (AfDB) will double its climate finance commitments for the period 2020-2025, the Bank’s President announced today at the One Planet Summit taking place in Nairobi. Akinwumi Adesina said that the Bank would commit at least US$25 billion towards climate finance.

Speaking at a plenary in the presence of Heads of State, including President Uhuru Kenyatta of Kenya, and French President Emmanuel Macron, Adesina also announced the Bank is on course to achieve its target of allocating 40% of its funding to climate finance by 2020, a year ahead. The Bank’s commitment on the target, the highest among all multilateral development banks, has progressed steadily from 9% in 2016 to 28% in 2017 and 32% in 2018.

Considering Africa’s high vulnerability despite contributing the least to climate change, the African Development Bank has successfully raised its adaptation finance from less than 30% of total climate finance to parity with mitigation in 2018. The African Development Bank will continue this trend into the future.

“The required level of financing is only feasible with the direct involvement of the entire financial sector,” said Adesina. “Consequently, the Bank launched the African Financial Alliance for Climate Change (AFAC) to link all stock exchanges, pension and sovereign wealth funds, central Banks and other financial institutions of Africa to mobilize and incentivize the shift of their portfolios towards low carbon and climate resilient investments.”

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The Bank made another milestone announcement. “It is not good enough to simply ask countries to stay away from polluting technologies,” Adesina said. “We have to be proactive in exploring alternatives. We will therefore be launching the ‘green baseload’ facility under the Sustainable Energy Fund for Africa (SEFA 2.0) to provide concessional finance and technical assistance to support the penetration and scale-up of renewable energy, to provide affordable and reliable renewable energy baseload.”

Several donors, including Canada, Denmark, Germany, Norway, Italy, the UK and USAID have indicated their interest in this transformative instrument, which will also help to replace coal. The African Development Bank has played a critical role in building Africa’s clean energy capacities. The Bank’s last investment in a coal project was 10 years ago. Additionally, and in line with its ambitious New Deal on Energy for Africa, 95% of all Bank investments in power generation over the 2016-18 period have been in renewables.

The “Desert to Power” program, a $10 billion initiative to build a 10 GW solar zone across the Sahel—the largest in the world— would provide electricity for 250 million people.  Together with partners such as the Green Climate Fund and the EU, the Bank has now financed the first project under this Initiative: The Yeleen Rural Electrification Project in Burkina Faso.

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Key Bank projects include the co-financing of the 510 MW Ouarzazate Solar Complex in Morocco, one of the largest solar complexes in the world.

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Makinde Rues 11 Hectares Undeveloped Land At Samonda GRA

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Oyo State governor, Engr. Seyi Makinde on Friday, expressed his displeasure over the undeveloped 11 hectares of land at the highbrow Samonda GRA in Ibadan, as he called on investors to partner the State to develop the land in order to boost the State’s economy.

 

The view of the governor was expressed by the State commissioner for Lands, Housing and Urban Development, Barr. Abiodun Abdu-Raheem while on inspection tour to some State’s reserved areas and Samonda Ultra-Modern shopping Complex at Ibadan North Local government in Ibadan.

 

Abiodun who noted with disdain, how over eleven hectares of land within which the ultra-modern shopping complex was situated, adding that the complex would be turned to an annex for the popular Gbagi market as the wished to turn its condition around to make it have international standard.

 

“The governor is not happy that these vast hectares of land is being put to waste when investors can be called in to use it for things that will help grow the State’s economy, we have gone around and see that the Samonda Shopping Complex needs some touch of revamping after which we will work towards making the complex an annex to the Gbagi market.

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“The Ministry will discuss with other concerned Ministries, especially those in charge of the Gbagi market to come up with a plan for proper usage of the place as the present administration will not allow any resources of the state to go to waste, we are calling on well-meaning Nigerians who are interested in partnering the State on this project to come forward with ideas on how to develop the eleven hectares of land for the benefit of the State.”

 

Barr. Abdu-Raheem called on the landlord association of the Samonda (Aerodome) GRA to desist from distorting the plan of the estate by building on waterways and areas mapped out for recreational purposes.

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Oyo Targets N20 Billion Monthly IGR – Olatunbosun

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Oyo State government has set a target of hitting 20 billion naira monthly internally-generated revenue  (IGR) before the end of the Governor Seyi Makinde’s first term in office.

The State’s IGR was reported to be between N2billion and N2.5billion during the tenure of the former governor, Abiola Ajimobi.

 

This was revealed by the State Commissioner for Information, Culture and Tourism, Dr. Wasiu Olatunbosun at a One Day Workshop for the State media officers which held at the Film Theater of the Ministry on Wednesday.

 

Olatunbosun said the four cardinal focus of the administration were education, primary healthcare, agro-business and security and all efforts were concentrated at plugging tax holes so as to increase the State’s revenue, urging the media officers to key into the agenda of governor Makinde to achieve the set target.

 

“It is the belief of Governor Seyi Makinde that Oyo State can be taken from a civil service-propelled economy to an agro-business-driven economy and before the first term of this administration runs out, we will be looking towards achieving about N20billion IGR target.

 

“You cannot enlighten people as a media practitioner if you are not enlightened, therefore the current administration believes in training of its officers to achieve maximum yield and productivity, especially for them to key into the agenda and aspirations of the government.

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“This government is pro-people and would always deal with communication from the bottom to the top, we believe in the use of town hall meetings where all stakeholders would gather and set target for government as well as give feedback on the activities of the administration.

 

“All these require government media officers to be up-to-date, diligent and efficient, they are the reasons government has embarked on training the officers in this particular cadre among others,” he noted.

 

Also at the event were the Chief Press Secretary to the governor, Mr Taiwo Adisa and the Executive Assistant to the governor on Administration, Rev. Idowu Ogedengbe, who said the State government was working towards improving human capital index of the State workers towards enhancing the economy of the State.

 

 

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Rehabilitation of the grave of a French veteran soldier

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The grave of the French veteran – Private Marange number 14503 – renovated in 2018 had been severely damaged in recent weeks.

Also, very quickly, in order to honour his memory, thanks to the assistance of the Directorate of Heritage, Memory and Archives of the Ministry of the Armed Forces, the defence mission of the French Embassy carried out a new rehabilitation of the tomb.

This veteran who died for France on June 26, 1943, is buried in the open-ended Commonwealth Military Cemetery in Eldoret, about 150 km from the Ugandan border.

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