AfDB to Discuss Climate Adaptation Funding in Ghana

FILE PHOTO: The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast, September 16, 2016. Picture taken September 16, 2016. REUTERS/Luc Gnago/File Photo - RC196B9DEF90

CEM REPORT | African Development Bank Group is set to hold its Annual Meetings from 23-27 May in Accra the Ghana capital to discuss issues bothering on boost funding for climate adaptation and related matters, a press statement from AfDB has said.

This year’s meetings, themed; ‘Achieving Climate Resilience and a Just Energy Transition for Africa’, marks a return to in-person sessions following virtual meetings over the last two years. The meetings will be held in a hybrid format with participants present in Accra and online.

The meetings will offer Bank governors a forum to share the climate change and energy transition challenges that their countries face. They also present an opportunity to showcase policy responses to tackle these challenges.

AfDB said climate adaptation finance currently accounts for only 10% of global climate finance. Overall, only about 19% of total international adaptation finance is programmed in Africa, with the continent receiving only 3% of global climate finance flows.

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This year’s theme aligns with preparations for the United Nations’ global climate summit (COP27), scheduled for Sharm El Sheikh, Egypt in November 2022. It will highlight Africa’s need for increased investment and other forms of financing to accelerate climate adaptation efforts.

The 2022 African Development Bank Group Annual Meetings will be the 57th Annual Meeting of the Board of Governors of the Bank Group and the 48th Annual Meeting of the African Development Fund, the concessional arm of the Bank Group.

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