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Climate Finance Bimonthly Newsletter - Issue N°22 - August-October 2013
CLIMATE CHANGE is a reality. The Intergovernmental Panel on Climate Change concludes in its September report that global warming is “unequivocal” and that human activities have a “clear” influence. The last three decades have been the warmest since 1850, and global surface temperatures will likely rise by more than 2°C by 2100. Of course, we have already seen the adverse effects of climate change on Africa's development prospects – it is costing the continent's economies an estimated 3% in GDP annually. As Africa's premier development finance institution, the AfDB is mobilizing the funds necessary to promote a more sustainable growth model to strengthen the adaptive capacity of Africa's economies and people. The Energy, Environment and Climate Change Department (ONEC) of the AfDB recently undertook an exercise to track climate finance flows together with other multilateral development banks. We found that the Bank has mobilized US$ 2.2 billion in climate finance in 2012, 50% more than in 2011.