AfDB opts for efficient agricultural land use to mitigate climate change.

He was speaking at a high-level roundtable on climate finance convened during the International Monetary Fund and World Bank Spring Meetings. It was convened by UK Deputy Foreign Minister and Minister of State for Development and Africa, Andrew Mitchell, and the German Minister for Economic Cooperation and Development, Svenja Schulze.

This was in prelude to the World Bank´s Land Conference, scheduled to take place May 15, under the theme: “Land Administration for Climate Action, Adaptation, and Resilience.

The AfDB Group President told his hosts that the coming event will showcase how AfDB investment programmes integrate land governance to aid Regional Member Countries in achieving sustainable economic and social development. 

It will emphasise the crucial role of the bank’s projects in land management and climate adaptation, achieved through effective land use planning. 

This includes optimising resource allocation and identifying suitable investment areas such as agriculture, forestry, and infrastructure development. 

The event will also highlight the importance of land use planning for risk reduction and resilience building. 

It will feature investment projects focused on mitigating climate-related hazards such as floods, droughts, and extreme weather events. 

Additionally, it will offer insights into best practices and research findings on land policy and governance. As well as address emerging land issues and challenges from various stakeholders, including governments, researchers, civil society, the private sector, and development partners.

Unfulfilled financing promises

Adesina told personalities at the roundtable that the ongoing devastating drought in several parts of Africa underscored the need for all stakeholders to come together to accelerate support and financing for Africa.

“Africa is in the eye of the storm from climate change, accounting for 9 out of the 10 most vulnerable countries to climate change globally,” Adesina told participants. 

He added that: “But Africa is not getting what it needs to adapt to climate change. Africa received just $30 billion per year for climate adaptation, while its needs are $277 billion per year, leaving a huge financing gap”.

Disclosing that the African Development Bank has scaled up climate finance and is exceeding its financing targets for African countries. 

The Bank has launched several innovations to mobilise resources that will help scale up climate finance. 

These include a recent $750 million hybrid capital issue in the global capital markets, the first of its kind among multilateral development banks. The initiative was oversubscribed at $6 billion.

The African Development Bank’s room-to-run transaction, with a $2 billion guarantee from the United Kingdom, unlocked an additional $2 billion for the Bank to devote to climate finance, the Bank Group President added.

Even more, Adesina said the African Development Bank was delivering on its promise. 

“The African Development Bank set a target to devote 40% of its total financing to climate finance. We have exceeded this target consistently in the past three years, consecutively, and stood at 55% in 2023,” which is not the case with other donor partners.

The roundtable also featured interventions by World Bank Group President Ajay Banga, COP29, President Mukhtar Babayev, Environment Ministers from Germany, the UK, and other representatives of climate finance partners.