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Business News of Monday, 15 November 2021

Source: punchng.com

AfDB to address climate change, promote green growth

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The African Development Bank Group has launched its climate change and green growth framework, to strengthen the bank’s ambition and vision to address climate change and promote green growth.

The AfDB Officer-In-Charge/Manager for Climate and Green Growth Division, Al Hamndou Dorsouma, noted during his presentation which took place as part of “Africa Day” celebrations at the Africa Pavilion at the COP26 climate conference in Glasgow, Scotland, according to a statement on Thursday.

Dorsouma said, “The strategic framework will enable the bank to strengthen our existing momentum on climate change action and also build on the goals that the bank has already established, including the goal of mobilising $25bn. The goal of allocating at least 40 per cent of our annual investment as climate finance”

The Vice President for Power, Energy, Climate and Green Growth at the AfDB, Kevin Kariuki, 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 the Bank’s 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.