African Development Bank with other multinational development banks commits to boost collaboration on climate and development
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The MDBs will collaborate to attract private capital at scale for countries, expand the scope of reporting climate results and impact, and help countries identify priorities and investment opportunities
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DUBAI, United Arab Emirates, December 3, 2023/ — Multilateral development banks attending the 2023 UN Climate Change Conference (COP 28) today affirmed their commitment to a concerted, global action, including increasing co-financing and private sector engagement to address climate change, felt acutely in Africa.
Despite contributing the least to global warming and having the lowest emissions, Africa faces existential risks due to catastrophic impact of climate change. Perennial droughts in the Horn of Africa and recent devastating floods in Libya, Malawi, Mozambique, Zimbabwe and other parts of the continent have claimed thousands of lives, destroyed infrastructure, washed away hundreds of hectares of food crops and threatened to push millions of people into extreme poverty. In a joint statement released in Dubai, United Arab Emirates, the banks committed to collaborating on “socially inclusive, gender-responsive and nature positive climate and development actions,” leveraging their unique expertise and networks. Signatories to the statement include the African Development Bank Group, European Investment Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group. For impact, the MDBs will collaborate to attract private capital at scale for countries, expand the scope of reporting climate results and impact, and help countries identify priorities and investment opportunities. They also committed to support countries’ adaptation and disaster risk management efforts through the MDBs’ Early Warning for All initiative, which promotes accessible and inclusive early warning systems for all by 2027. MDBs will launch a Long-term Strategies Program to help countries and subnational entities to formulate long-term, low-emission development strategies and other long-term climate strategies. The banks also expressed support for various sectors including water, health and gender, committing to identify and expand financing for gender-responsive solutions for governments and businesses. According to a joint MDB report (https://apo-opa.co/414XDA4) launched in October, climate finance by Multilateral Development Banks for low-income and middle-income economies reached a new record of $60.7 billion in 2022, up 46 percent compared to 2019. About $38.0 billion, or 63% of the amount went into climate change mitigation finance, and $22.7 billion or 37%, supported climate change adaptation. Private finance stood at $16.9 billion. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
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From Forbes to CNN, BBC to live in studio with Sky News and a feature in OK Magazine, Valerie Moran’s Diversity and Inclusion story has captured the imagination. She oversaw the donation of the equivalent of 200,000 school meals to hungry children in Mali in West Africa, in co-operation with Mastercard and the United Nations World Food Programme (WFP). The Sunday Times, in its 2019 edition of The Rich List, named Valerie as the wealthiest black female in the UK. Valerie, who has been described by a reader of The Financial Times as the “UK’s Oprah,” thus became the only black female ever to enter the list in the 31-edition history of the feature and has appeared regularly in the publication since.