The African Development Bank (AfDB) Group has launched its Climate Change and Green Growth Framework – the first of its kind by any multilateral development bank – at the COP26 climate conference in Glasgow, Scotland.
Speaking at the Africa Day celebrations at the Africa Pavilion earlier this week, AfDB climate and green growth division officer-in-charge and manager Al Hamndou Dorsouma said the framework strengthens the AfDB’s ambition and vision to address climate change and promote green growth, building on over a decade of targeted efforts and lessons learnt.
He noted that the framework was grounded in “African realities”.
He added that the strategic framework would enable the AfDB to strengthen its existing momentum on climate change action and also build on the ambitious goals that it has already established, including the goal of mobilising $25-billion and allocating at least 40% of its yearly investment as climate finance.
AfDB power, energy, climate and green growth VP Kevin Kariuki said the institution stood ready to ensure the continent was equipped to deal with the growing threat posed by global warming.
The framework will enable the AfDB to prioritise interventions, and inform and guide the alignment of the 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 to 2030 and a five-year action plan for 2021 to 2025.