The World Bank and the African Development Bank announced that they will both commit more $47 billion by 2025 to help African countries tackle the effects of climate change.
African countries, especially those on the coast are among the most vulnerable to the effects of climate change such as rising sea levels and coral reef deterioration. Others are prone to more frequent droughts, desertification and floods.
A statement released by the World Bank said it has pledged $22.5 billion for 2021-2025, while the African Development Bank said it had committed $25 billion to climate finance between 2020 and 2025.
The African Development Bank said the funds will be used to increase investment in renewable energy projects like solar power plants.
According to the President of the African Development Bank, Akinwumi Adesina, “the share of our portfolio that was in renewable energy generation between 2013 and 2015 was 59 percent but from 2015 to 2018 we moved from that to 95 percent”.
The World Bank said some of the beneficiaries of its funding would include projects in Ethiopia, Rwanda and Kenya.