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AfDB commits $25 bn to fight against climate change

IANS  |  Nairobi 

The (AfDB) announced on Thursday it would provide 2.5 trillion shillings ($25 billion) over the next five years to help in the global fight against climate change.

said the currently provides 34 per cent of its overall lending portfolio to projects aiming to boost the fight against climate change.

Addressing the Summit during the fourth session of the UN Assembly, Adesina said there was need to create home-made financing mechanisms to enable local communities cope with climate change.

He said the financing required to deal with climate change should come from the private sector and the funds should be directed towards solutions to enable millions of people still unable to access to be connected, reported.

"needs indigenous models to finance climate change," Adesina said, noting that created the Financial Alliance for Climate Change, meant to pool financial resources towards investing on efforts to fight climate change.

Adesina said under the financial initiative, the was working with central banks to direct money to the climate change action.

According to the AfDB, the central banks own $1.2 trillion dollars worth of reserves which could be redirected towards financing initiatives to help fight climate change effects.

"We want countries to move away from coal power and we are investing in the green load facility to help move renewable energy," Adesina stated.

The AfDB, through its Desert-to-Power Initiative, currently seeks to produce from the Sahel region to help some 250 million people to

The bank aims to generate 10 gigawatts of by 2025 to reach some 11 countries within the Sahel, which extends from and in East to Nigeria, and in under its desert to power initiative.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 14 2019. 19:46 IST