The President of the African Development Bank, Dr. Akinwumi Adesina, has highlighted the continent’s need for $277 billion annually to tackle climate change.
Speaking at the Islamic Development Bank’s 50th-anniversary event in Riyadh, Saudi Arabia on Monday, Adesina noted that Africa currently receives only $30 billion yearly for this purpose.
To help bridge this gap, Adesina announced that the African Development Bank has set a target to raise $25 billion for climate adaptation by 2025.
“Africa will need $277 billion per year to address climate change, yet it receives only $30 billion annually.
“AFDB has set a target to raise $25 billion for climate adaptation by 2025,” he said.
The bank stated that the world requires $4 trillion in annual financing to achieve the Sustainable Development Goals.
