November 09, (THEWILL) – The United Kingdom (UK) has pledged £200 million to the African Development Bank (AfDB) Group’s Climate Action Window.
The AfDB in a statement said the window is a new mechanism set up to channel climate finance to help countries adapt to the impacts of climate change.
The statement quoted the British Foreign Secretary, James Cleverly, as saying the UK would provide £200 million to the AfDB Group’s Climate Action Window.
Cleverly spoke alongside African leaders at the ongoing United Nations Climate Change Conference, COP27, in Sharm El-Sheikh, Egypt.
“Climate change is having a devastating impact on some of the poorest countries in Sub-Saharan Africa, but historically they have received a tiny proportion of climate finance.
“This new mechanism from the African Development Bank will see vital funds delivered to those most affected by the impacts of climate change, much more quickly”, he said.
The UK foreign secretary also said that access to climate finance for emerging economies was a central focus at COP26 in Glasgow.
“I am pleased to see tangible progress being made, supported today by £200 million of UK funding.”
According to the statement, Glasgow Climate Pact included a commitment from donors to double adaptation finance between 2019 and 2025.
Similarly, British Prime Minister, Rishi Sunak, said the UK would surpass that target and triple adaptation funding from £500 million in 2019 to £1.5 billion by 2025.
“This funding package provided to the African Development Bank will be 100 percent earmarked for adaptation”, Sunak said even as he also confirmed that the UK was delivering on the target of spending £11.6 billion on International Climate Finance (ICF) between 2021/22 and 2025/26.
Meanwhile, the President of the AfDB Group, Akinwumi Adesina, has welcomed the additional funding from the United Kingdom.
“I applaud the UK government for this major contribution toward the capitalisation of the Climate Action Window of the African Development Fund.
“As it seeks to raise more financing to support vulnerable low-income African countries that are most affected by climate change.
“This bold move and support of the UK will strengthen our collective efforts to build climate resilience for African countries.
“With increasing frequencies of droughts, floods and cyclones that are devastating economies, the UK support for climate adaptation is timely, needed, and inspiring in closing the climate adaptation financing gap for Africa.
“I came to COP27 in Egypt with the challenge of climate adaptation for Africa topmost on my mind. I encourage others to follow this leadership on climate adaptation shown by the UK.”
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