AfDB Raises $1.7bn For Green Energy Investments
21 November 2013
The African Development Bank (AfDB) mobilized $1.7 billion of climate mitigation finance in 2012, more than any other development institution on the continent, to fund a $2.2 billion climate-focused investment initiative, according to the 2nd joint Multilateral Development Banks (MDBs) report on climate finance.
According to the report, most of the funds will address the infrastructural deficit on the continent, largely in the energy sector, as the bank seeks to diversify country´s energy sources and increase the level of energy security across the continent by prioritizing investments in clean and renewable energy source.
"We are very proud of our increasing contribution to the momentum being built up in Africa towards development embedded with climate action," Chief Climate Change Specialist of the Energy, Environment and Climate Change Department, Mafalda Duarte said.
"In 2012, we have committed US $2.2 billion worth of investments to climate smart development in Africa through financing to be provided for programs in renewable energy, resilient rural, coastal and forest landscapes, and globally scalable knowledge on low-carbon and climate resilient solutions.
This is a record we hope to improve upon to better serve African countries and to further cement our position as the premiere African development institution." From 2011 to 2012 the AfDB increased its climate finance levels by 50 percent. The Africa Development Bank has esta blished itself as the leading provider of climate adaptation finance in Africa, where it has contributed six dollars for every one dollar of external financing.