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AfDB’s Adeshina and other African leaders, convening at this year’s global climate change conference in Dubai, have emphasized the necessity for a more comprehensive global response to Africa’s adaptation financing requirements.

Speaking during the Adaptation Finance Summit for Africa at the ongoing COP28 in Dubai, United Arab Emirates, the leaders said climate adaptation funding, currently at 39 percent of all climate finance flows to Africa, must rapidly increase.

According to an AfDB statement, the high-level session included Comoros President and African Union Chairman Azali Assoumani, Tanzanian President Samia Suluhu Hassan, Senegalese President Macky Sall, Dutch Prime Minister Mark Rutte, UK Foreign Secretary David Cameron, African Development Bank Group President Dr Akinwumi Adesina, and philanthropist Bill Gates.

In his remarks, the President of the African Development Bank Group, Akinwumi Adesina, listed initiatives by the institution in response to the climate adaptation needs of Africa, including the launch of a Climate Action Window to mobilise up to US$14 billion to support adaptation for 37 low-income countries.

“I am pleased to announce here today that the operationalisation of the Climate Action Window starts right here, at this COP, as we launch the first Call for Proposals this week.”

He appealed to donors and investors to participate in the Climate Action Window, aiming to provide climate-resilient agricultural technologies for 20 million farmers, deliver weather insurance for the same number of farmers, rehabilitate one million hectares of degraded lands, offer water, sanitation, and health services to 18 million people, and provide renewable energy for nearly 10 million people.

According to President Hassan of Tanzania “In Tanzania we are showing the way on how to generate funds for adaptation and mitigation,”

She announced that the Global Centre for Adaptation would formalise partnerships under the African Adaptation Acceleration Programme (AAA-P) to provide technical support to mobilise US$700 million green bonds issued by two Tanzanian commercial banks to finance climate adaptation.

President Macky Sall of Senegal suggested that the International Monetary Fund and other partners explore the possibility of using funds initially designated for debt repayments to finance green projects, specifically focusing on adaptation efforts.

“Africa remains behind in the adaptation process because it benefits very little from concessional financing and green investments,” he said.

“As a result, African countries are going into heavy debt to finance their green projects, which constitutes a double punishment for the continent that pollutes the least. Africa is not asking for a special favour but a fair and equitable approach to the fight against global warming,” he added.

Bill Gates said, when compared to mitigation, adaptation was like the “orphan child” of climate financing, as it is inadequate and requires urgent action.

“We need additional dollars for climate adaptation. The vast majority of the people suffering from climate change are smallholder farmers. But there is no reason why we should not be able to double productivity in regions like South Asia or Sub-Saharan Africa,” he said. — Business Insider Africa