The impacts of a changing climate are wide-spread and cut across Africa’s key economic sectors. The Bank has incorporated climate change into its broader accelerated development agenda for the continent under its 2008-2012 Medium Term Strategy.
The Climate Change Action Plan 2011-2015 articulates the Bank’s climate change objectives, principles, areas of focus, major activities, and investment plan. It supports the Bank in increasing its effectiveness and delivering on its core mission of poverty reduction and economic growth, while recognising the risks and opportunities to address the challenges of climate change.
This action plan rests on three pillars: low-carbon development, climate change adaptation and establishment of a climate change funding platform to be implemented through a mix of several financing options.
The AfDB is now advancing priority projects already identified by African countries that will support climate compatible development in Africa. About USD 11.5 billion worth of investments have been identified as existing demand, USD 5.6 billion for supporting low-carbon growth, and USD 5.8 billion for supporting climate-resilient development.
The Bank’s Climate Change Action Plan is informed by and guides the implementation of the Bank’s Climate Risk Management and Adaptation Strategy and Clean Energy Investment Framework, which address the broader issues of climate change adaptation and mitigation respectively.