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Africa Climate Change Fund - Annual Report 2018
With the signing of the Paris Agreement in 2015, African countries overwhelmingly committed to building climate resilient and lowcarbon economies through their Nationally Determined Contributions (NDCs). However, to deliver on these commitments, countries will need significant resources. As the primary DFI on the continent, the African Development Bank (AfDB) has set an ambitious target to scale up climate finance to 40 percent of new approvals per year by 2020, to support member countries. Given the noticeable impact of climate change on these countries and their relatively low contribution to the greenhouse emissions, there is an emphasis on adaptation, with 50 percent of climate finance dedicated to adaptation initiatives.