AfDB donates 1.42 billion USD to ‘challenge’ Africa's climate change

AfDB donates 1.42 billion USD to ‘challenge’ Africa’s climate change

The African Development Bank (AfDB) is currently funding projects in Kenya, Morocco, Mozambique, Niger, South Africa and other African countries to the tune of 1.420 billion USD to ‘challenge’ the continent’s climate change.

This was revealed last week in a semi-annual report published by AfDB, Financing Change, AfDB and CIF for a Climate-Smart Africa, which said that a whopping 7 million tons of CO2 emissions in Africa is expected to be avoided ever year through the implementation of several projects currently under way.

Out of the 1.42 billion USD, 1 billion is the bank’s own money and the rest is part of  the Climate Fund Investment (CIF), AfDB chief climate change specialist and CIF coordinator Mafalda Duarte said.

Duarte said the projects will see 1.3 million households and businesses get new access to power, nearly 42 000 hectares of land newly dedicated to climate-resilient activities, and 150 000 farmers gain access to climate information, including 50 000 women farmers and 3 000 villages.

The approved projects include: (as of December 2012)

·         Mozambique: Sustainable land and water management

·         Niger: Water resource management and development

·         Niger: Improvement of climate forecasting and early warning systems

·         Morocco: Ouarzazate I concentrated solar power

·         Morocco: One wind energy

·         South Africa: Eskom renewables support project

·         Mozambique: Baixo Limpopo climate resilient agriculture

·         Kenya: Menengai geothermal

CIF was established in 2008, and is worth 7.6 billion USD.

Duarte, who described CIF as one of the ‘largest fast-tracked’ climate financing instruments in the world, said the fund gives developing countries worldwide an urgently needed jump-start toward achieving low-carbon and climate-resilient development.

CIF provides developing countries with grants, concessional loans, risk mitigation instruments, and equity to leverage significant financing from the private sector, multilateral development banks (MDBs), and other sources.

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