As the premier financial development institution in Africa, the African Development Bank acknowledges that climate finance is crucial for the continent to be able to adapt to the growing impacts of climate change. The Bank committed to provide $25-billion as climate finance by 2025.
Given that adaptation is Africa’s priority, the Bank further committed to ensure that at least half of its climate finance is allocated to adaptation. In this regard, the African Development Bank, through the Africa Adaptation Acceleration Program (AAAP) – a joint initiative with the Global Center on Adaptation (GCA) – aims to mobilize $25-billion to scale up adaptation action in Africa, half of which will be delivered by the Bank and the remaining half will be mobilized through partnerships with GCA and others.
Report by the African Development Bank