panorama

ADB Leads Formation of Africa Financial Alliance for Climate Change

At the 53rd Annual Meetings of the Bank in Busan, Korea, the African Development Bank brought stakeholders together for an “open dialogue” to discuss the establishment of the Africa Financial Alliance for Climate Change. The initiative was well received by key continental and global stakeholders who agreed with the Bank that Africa needs immediate climate change action.
ADB Leads Formation of Africa Financial Alliance for Climate Change
Courtesy of African Development Bank

“The establishment of the African Financial Alliance for Climate Change is a call for us to stand together to mobilize climate finance at scale to meet the needs in Africa,” Akinwumi Adesina, President of the African Development Bank, said.

“The financing needs to meet the ambitions of the Paris Climate Agreement in Africa are enormous. The implementation of Africa’s Nationally Determined Contributions (NDCs) would require investments of at least $2.7 trillion for mitigation and another $488 billion for adaptation by 2030.”

The international community has pledged to mobilize $100 billion in climate finance per annum by 2020 to support adaptation and mitigation projects in developing countries. However, of the US $820 billion in climate finance flows for 2015 and 2016, only US $16 billion was for Africa. This represents 2 percent of the total.

“This is why the African Development Bank is hosting this open dialogue to initiate the establishment of the African Financial Alliance for Climate Change as a call for us to stand together to mobilize climate finance at scale to meet the needs in Africa,” Adesina added. 

He noted that the Bank could not achieve the task alone, pointing out that without achieving the Paris Climate Agreement in Africa, the world will not achieve the required reductions in greenhouse gases to keep global temperatures below the required target.

The Alliance brings together Africa’s financial sector, including Ministers of Finance, Central Banks, insurance and reinsurance companies, sovereign wealth and pension funds, stock exchanges as well as global thought leaders to mobilize climate finance for Africa. It also hopes to come up with concrete proposals to mobilize both domestic and international finance for climate-resilient development in Africa.  “Together, we can create a Decarbonization Index for Africa,” Adesina told the meeting.

The President of the Development Bank of Southern Africa (DBSA) and Chair of the Association of African DFIs, Patrick Dlamini, observed that collaboration was crucial to catalyzing funds and making a difference. “This is possible under the leadership of the African Development Bank. We can then play our role as development finance institutions to being the policy instruments of our various Governments and in alliance with partners.”

The CEO of the Global Environment Facility (GEF), Naoko Ishii, pledged the support of her organization for the Alliance and was optimistic that it would motivate the GEF to do much more for Africa.

For his part, Howard Bamsey, CEO of Green Climate Fund, said, “The Alliance is a fundamental step towards meeting the climate change challenge in Africa. There has to be an African solution to the challenge that we face and this initiative presents the opportunity to mobilize that.”

The Africa Financial Alliance for Climate Change will be launched on the margins of the Africa Investment Forum to be held in South Africa, November 7 - 9, 2018, and will bring together heads of financial institutions.  

Peter Busca
#BESS Kraftwerk und Solar for Afrika Renewable energy sources are volatile and therefore require intelligent electricity storage. There are some systems, but most with high energy losses and costs. The direct storage of electricity in efficient LiFePo batteries combined with a liquid long-term storage (no toxic substances) is the solution with the lowest cost and conversion losses. BioEnergon\'s BESS power plants plus Blockchain technology integrate renewable energy sources that automatically balance power generation and consumption. BESS creates microgrids that form a regional network with each other. In addition, the BESS blockchain technology allows an Africa Coin to be launched as a stable means of payment. Anyone from small to large investor can participate and get good returns. It is time for what the Europeans did to the Africans to make amends! You can only laugh about the Europeans\' proposal for a marshal plan for Africa.
Baterías con premio en la gran feria europea del almacenamiento de energía
El jurado de la feria ees (la gran feria europea de las baterías y los sistemas acumuladores de energía) ya ha seleccionado los productos y soluciones innovadoras que aspiran, como finalistas, al gran premio ees 2021. Independientemente de cuál o cuáles sean las candidaturas ganadoras, la sola inclusión en este exquisito grupo VIP constituye todo un éxito para las empresas. A continuación, los diez finalistas 2021 de los ees Award (ees es una de las cuatro ferias que integran el gran evento anual europeo del sector de la energía, The smarter E).