The African Development Bank Group 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 for 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’ 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 2021-2025.