Seven of the 10 countries in the world most threatened by climate change are in Africa. African economies are already suffering the devastating effects of climate change, further exacerbating their development challenges. In response, the African Development Bank is leading the way on what may be Africa’s most decisive action to ensure that the continent receives adequate climate finance.
At its 53rd Annual Meetings in Busan, Korea, the Bank brought together key continental and global stakeholders for an open dialogue on creating the Africa Financial Alliance for Climate Change. The initiative was well received; participants agreed that Africa needs immediate climate change action.
Akinwumi Adesina, African Development Bank President, explained, “As Africa’s premier development financial institution, the African Development Bank is already taking action. The Bank is leading Africa’s transition to climate-resilient economies.” The financing needs to meet the ambitions of the Paris Climate Agreement in Africa are enormous. The implementation of Africa’s Nationally Determined Contributions would require investments of at least US $2.7 trillion for mitigation and another US $488 billion for adaptation by 2030.
The 2015 Paris Climate Agreement calls on countries to increase their ability to adapt to the adverse impacts of climate change without threatening food production, and to make finance flows consistent with a pathway to low greenhouse gas emissions and climate-resilient development. The international community has pledged to mobilize US $100 billion in climate finance annually by 2020 to support adaptation and mitigation projects in developing countries. Of the US $820 billion in climate finance flows for 2015 and 2016, however, only US $16 billion, or 2%, targeted Africa.
Adesina observed that the Bank could not achieve the task alone, pointing out that the Paris Climate Agreement must be successful in Africa for the world to achieve the requisite reductions of greenhouse gases to keep global temperatures below the required target. “This is why the African Development Bank is hosting this open dialogue to initiate the establishment of the African Financial Alliance for Climate Change as a call for us to stand together to mobilize climate finance at scale to meet the needs in Africa.”
The Alliance brings together Africa’s financial sector, including Ministers of Finance, Central Banks, insurance and reinsurance companies, sovereign wealth and pension funds, stock exchanges, and global thought leaders to mobilize climate finance for Africa. It also hopes to come up with concrete proposals to mobilize domestic and international finance for climate-resilient development in Africa. “Together, we can create a Decarbonisation Index for Africa,” Adesina stated.
“The idea of having the Alliance is fantastic, because we recognize that the world is also looking to us. While Africa is not the primary cause of the climate change that we see in the world today, we are the continent where the impact is very great, and the world is not as prepared to finance us to take care of this impact. We can’t let it go because it is our people who are suffering,” said Ngozi Okonjo-Iweala, Chair of the Africa Risk Capacity.
She continued, “Just for you to know the impact of climate change, of all the drought that occurs in the world, 41% occurs on the African continent. We lose about 485, 000 people to indoor pollution, premature deaths that could have been avoided and the devastating impact caused by flood. I can go on and on.”
Patrick Dlamini, Southern Africa Development Bank President and Chair of the Association of African development finance institutions (DFIs), observed that collaboration was crucial to catalyzing funds and making a difference. “This is possible under the leadership of the African Development Bank. We can then play our role as development finance institutions to being the policy instruments of our various Governments and in alliance with partners.”
Naoko Ishii, CEO of the Global Environment Facility, pledged the support of her organization for the Alliance and was optimistic that it would motivate the GEF to do much more for Africa.
According to Green Climate Fund CEO, Howard Bamsey, “The Alliance is a fundamental step towards meeting the climate change challenge in Africa. There has to be an African solution to the challenge that we face and this initiative presents the opportunity to mobilize that.”
The launch of the Africa Financial Alliance for Climate Change will take place during the Africa Investment Forum (link is external) in South Africa, from November 7-9, 2018, and will bring together heads of financial institutions.
More from my site
Wild Fusion has been named one of the top digital agencies in the world
Wild Fusion has been named one of the top digital, creative and marketing agencies in the world by Clutch, the leading B2B rating and review platform.
The new report by Clutch highlights the top-performing creative and digital agencies in 14 industries across several countries. The industries are automotive, business services, dental, e-commerce, education, financial services, financial technology, healthcare, hospitality, legal, nonprofit, real estate, and retail.
Nigerian digital marketing agency, Wild Fusion has been named one of the top creative and marketing agencies in the world across 14 industries, according to Clutch, a global rating platform.
About the award, Abasiama Idaresit, CEO, Wild Fusion , said, “We are honoured to be featured on this elite list of world-class agencies. We continue to lead through digital innovation and our expertise in social and digital marketing. This further proves that we are on the right path of prosperity for Nigeria and Africa.”
Click here to read more: Africa’s Wild Fusion Named Top Non-Profit SEO Company by Clutch
More from my site
Interesting facts about Nestoil Group and EPCC services in Nigeria
Nestoil is Nigeria’s largest indigenous Engineering, Procurement, Construction and Commissioning (EPCC) Company in the Oil and Gas sector. Nestoil group is divided into 4 categories:
- IMPAC Engineering
- B&Q Dredging
- Energy Works Technology (EWT)
- Hammakopp Consortium
Nestoil was incorporated in 1991. Nestoil is Nigeria’s largest indigenous Engineering, Procurement, Construction and Commissioning (EPCC), Oil and Gas Engineering Company
IMPAC Engineering has over 18 years of experience offering a broad range of engineering services and consultancy services, which include, but not limited to: feasibility studies; concept/basic design; Front End Engineering Design (FEED); Detailed Engineering Design (DED) and project and construction management in the energy industry.
B & Q Dredging is an indigenous dredging company incorporated in 2005.They provide specialized engineering services in the following areas: Dredging, Flood and Erosion Control, Shore Protection and Consolidation, Sand filling of road embankments, River Crossing, Sweeping of Wellheads Slots and Access Channels
Energy Works Technology (EWT)
Energy Works Technology (EWT) is a private company incorporated in Nigeria in 1999. EWT’s capabilities include a full range of fabrication services for certified process packages and steel structures. Energy Works Technology (EWT) is a leading process Equipment Manufacturer, Steel Fabricator and Oil & Gas EPCI (Engineering Procurement Construction and Installation) service provider in Nigeria & West Africa.
Hammakopp Consortium was incorporated in 1999 and are experts in developing projects. They are experts in developing projects from the pre-feasibility phase through conceptual design and FEED studies, detailed design, procurement, construction and project management and implementation.It is one-stop-shop for Civil Construction, Maintenance & Fabrication, Environmental & Sewage treatment and other services in Nigeria.
Click here to know more about Nestoil
More from my site
Top 5 fastest African Growing Companies
Wild Fusion is credited with kickstarting Nigeria’s Digital Marketing revolution. Established by Abasiama Idaresit, a Nigerian digital marketing showcasing business visionary and evangelist, Wild Fusion was one of the most punctual completely coordinated digital advertising organizations in sub-Saharan Africa. Wild Fusion, which was established with no outside venture, broadly helped a Nigerian independent company develop its incomes from $1,000 to $100,000 in a few months with imaginative Internet advertising. The organization administrations customers like Visa V +0%, Samsung, Vodafone VOD +0%, Pepsi and Unilever in Nigeria, Kenya and Ghana. Wild Fusion gains imaginative focuses for presenting and advancing digital advertising in Africa and for cand for disrupting traditional marketing across the continent. Numerous Nigerian and African organizations presently devote a greater amount of their spending limit to digital marketing.
Taxtim is a South African online virtual duty partner and assessment arrangement administration that enables you to finish expense forms rapidly and effectively without counseling with a physical duty expert. Tim, the virtual assessment colleague, asks clients basic, plain language questions, and dependent on the appropriate responses, Tim rounds out your arrival accurately, for a most extreme expense discount. Documenting government forms in South Africa can be a long and tiring procedure. TaxTim, with its computerized help gives an advantageous answer for citizens for a yearly expense of $20. Marc Sevitz, a certified Chartered Accountant and charge expert, and Evan Robinson, a designer and programming engineer in 2011, established TaxTim.
Rasello, founded by Tanzanian software entrepreneur Natalino Mwenda, is a cloud-based Customer Relationship Management (CRM) tool that lets business owners interact and manage customer records, automate customer retention and communication. You add your clients; Rasello automatically identifies customers who need birthday reminders, loyalty programs, service cycle renewals, etc. The software can be used via devices such as PCs, tablets, and smartphone
Triggerfish is Africa’s biggest Computer Generated (CG) movement organization. It was established in 1996 as a boutique stop-outline activity studio and begun by creating TV plugs for South African organizations. In 2001, the organization created liveliness for the principal season of Takalani Sesame Street, the South African rendition of kids’ TV show Sesame Street. Triggerfish has likewise created activity for the U.S Sesame Street. A year ago, the Cape Town-based liveliness studio created its first element film, Adventures of Zambezia, a motion picture that recounts to the tale of a youthful, gullible yet rich hawk who leaves the barren desert where he lives with his dad in quest for activity and experience in the renowned feathered creature city of Zambezia. The motion picture was screened in any event 25 unique nations and pulled in over $22.1 million, as indicated by film industry magic. Triggerfish wins inventive focuses for utilizing innovation to empower imagination in structure the best movement studio in Africa.
More from my site
BUSINESS2 years ago
DsTv Nigeria Channels List for All Dstv Bouquets
Fashion3 years ago
These ’90s fashion trends are making a comeback in 2017
BUSINESS2 years ago
Why Pears Baby Lotion is Good for all Skin Types
BANKING3 years ago
Wema Bank USSD Money Transfer Code for Money Tranfer
BUSINESS2 years ago
Use Pears Baby Lotion For Your Skin
ENTERTAINMENT3 years ago
The final 6 ‘Game of Thrones’ episodes might feel like a full season
BUSINESS2 years ago
The challenges of Small and Medium Enterprises (SMEs) in Nigeria
TECHNOLOGY3 years ago
Central Bank of Nigeria (CBN) releases guidelines for Non-Interest (Islamic) Microfinance Bank (NIMFBs)