AfDB to increase climate financing to 40 % by 2020

The African Development Bank (AfDB) says it will increase climate financing as part of all over operations to 40 per cent of its total investment by 2020.

The President of the AfDB, Dr Akinwumi Adesina, disclosed this in an interview with our reporter in Abuja.

Adesina said that the bank had made a conscious decision to increase its climate financing and that Nigeria would be benefiting in two specific areas.

He said that the country would benefit from the financing to support livelihood of people in the North East and also the energy sector.

“We are supporting the Lake Chad project and we are supporting as part of 250 million dollars where we are doing in the North East of Nigeria.

“We are supporting improvement of livelihood and also adaptation of livelihood in that particularly area.

“The other one is Solar; if you take a look for example, in terms of adapting to Climate Change, we have to reduce emission and yet, God has blessed us with so much ray sunshine.

“We should be using cable connected to sun and lighting our homes and so that is why we are investing a lot in renewable energy in Nigeria,’’ he said.

Adesina said Climate Financing meant a lot to Africa and Nigeria.

He said that the international communities had resolved to be committed to raise 100 billion dollars for Climate Financing.

The laureate winner said that the commitment was made at Climate Change Conference, COP 21 in Paris two years ago.

“The reason is because Africa is the least in terms of emitting greenhouse gases emissions but we suffer it disproportionately, the impact of climate change.

“We take a look at the whole issue of drought in Southern and Eastern Africa. Today, take a look at what is happening in Lake Chad.

“President Buhari has been pushing hard on how to revitalise Lake Chad Basin Area so the impacts are quite massive,’’ he said.

Adesina further said he headed a Board of another entity called Africa 50, adding that Africa 50 is a private equity platform set up by the AfDB and others.

“We mobilised over 840 million dollars, with goal of mobilising up to 300 billion dollars. What it does is that it invests in infrastructure.

“One of our investments in the company is in Nigeria; in a solar power plant in the North of Nigeria,’’ he said.

He, however, called on the benefiting countries to be more effective in the implementation of the Bank support.

“I have said it across Africa that once our Board approves something, if it is not effective within 90 days, we will assume that you don’t need it.

“We will cancel it so there has to be discipline because there is lost development when you derail; higher cost of financing that you pay, you just have to be effective and efficient.

“It is not just Nigeria problem, but it is problem we have in some many countries.

“I think development has to be accelerated, we shouldn’t be slow,’’ he said.