Environment and Climate: The African Development Bank joins African States in reducing the budgetary cost of climate change
The African Development Bank has launched a number of initiatives to reduce the burden of climate change expenditures, which amount to as much as 10% of the national budgets of some of its regional member countries.
In the face of the climate emergency marked in recent years by cyclones, floods and droughts, many African countries have had to shift resources from key development sectors (health, education, infrastructure, etc.) to spending on climate adaptation and resilience actions.
“This is a very important issue for us at the African Development Bank,” says Al-Hamdou Dorsouma, head of the Bank’s Climate and Green Growth Division. “As countries in difficulty are also the most vulnerable to climate change, we seek to avoid that climate spending affects their socio-economic development,” he added.
The African Development Bank, Africa’s leading development finance institution, has significantly increased resources for climate finance over the past five years.
From only 9% of its total approvals in 2016, the Bank’s share of climate finance increased to 28% in 2017, 32% in 2018, and 36% in 2019, amounting to nearly US$3.6 billion.