COP26: AfDB launches Climate Change and Green Growth framework

The African Development Bank Group (AfDB) has launched its Climate Change and Green Growth Framework at the COP26 climate conference in Glasgow, Scotland. The framework is the first of its kind by any multilateral development bank.

The framework strengthens the Bank’s ambition and vision to address climate change and promote green growth, building on over a decade of targeted efforts and lessons learnt and is grounded in “African realities,” Al Hamndou Dorsouma, officer-in-charge and manager of the Climate and Green Growth Division, noted during his presentation which took place as part of Africa Day celebrations at the Africa Pavilion on Tuesday.

“The strategic framework will enable the Bank to strengthen our existing momentum on climate change action and also building on the ambitious goals that the Bank has already established, including the goal of mobilizing $25 billion…the goal of allocating at least 40% of our annual investment as climate finance,” Dorsouma said.

Kevin Kariuki, vice president for power, energy, climate and green growth at the African Development Bank, said the institution stood ready to ensure that the continent was equipped to deal with the growing threat posed by global warming.

The framework will enable the bank to prioritise interventions, inform and guide the alignment of bank’s future operations with the ambitious goals of the Paris Agreement. It is made up of a strategic policy, a long-term strategy covering 2021-2030 and a five-year action plan for 2021-25.

The AfDB group also welcomed $136m in additional donor commitments for the Sustainable Energy Fund for Africa (SEFA).

Denmark, SEFA’s founding partner and first donor, unveiled 100 million Danish kroner (around $14 million) in fresh commitments.

Flemming Møller Mortensen, Denmark’s minister for development and Nordic cooperation, said energy was transformational for economic growth, job creation and strengthening climate resilience.

“The good news is that green energy – such as wind and solar – has become cheaper than fossil fuel. This opens a unique opportunity to close the energy gap for the almost 600 million people living in Africa without access to electricity today with renewable energy sources.”