The World Bank has announced a $22.5 billion funding to help Africa manage the risks arising from climatic changes while tapping into new investment opportunities.
This package including several other announcements was revealed during the third One Planet Summit convened in Nairobi on Thursday.
According to Kristalina Georgieva the President of World Bank Group, this funding will help Africa for climate adaptation and mitigation for the five years from 2021-2025.
“Millions of people could be plunged into poverty. That’s why the World Bank is providing more money to build resilience and help communities cope with the effects of climate change in Africa,” said Kristalina.
More than half of the $22.5bn financing will be devoted to supporting adaptation and resilience in Africa. This will amount to about $12-$12.5 billion over five years from 2021-2025.
The World Bank said it will carry out intensive Nationally Determined Contributions (NDC) engagements with Rwanda and Kenya, under the framework of the NDC Partnership, and with generous support from Germany’s BMZ.
The engagements will help accelerate the implementation of, and raise the level of ambition for, their NDCs by supporting systematic mainstreaming and institutionalization of climate adaptation and mitigation across and within key development sectors and governance levels.
This summit was convened by President Uhuru Kenyatta of Kenya, President Emmanuel Macron of France, Interim President of the World Bank Group, Kristalina Georgieva, and Deputy Secretary-General of the United Nations, Amina Mohammed.
In his remarks to the summit, President Uhuru said Kenya was working hard to preserve and conserve forest resources, as the safe and best pathway for the survival of humanity and life.
“We must find ways to reverse unsustainable agricultural practices and promote resource and energy efficiency.”
“We have enacted a Public Private Partnership legislation that supports engagement of the private sector in public programmes. These partnerships between communities and private sector will enhance sustainable management of our forests,” Uhuru said.
Uhuru said, it is important to achieve a pollution-free environment while leveraging on innovation.
“Adopting a waste-to-energy innovation approach that converts waste from industrial activities into energy, is one way to promote a circular economy,” Uhuru noted.