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Climate Finance Bimonthly Newsletter - Issue N°41 - July - September 2017
LAST YEAR, the world’s six largest multilateral developments banks continued to make a strong contribution to the global climate challenge by increasing the amount of climate finance dedicated to developing and emerging economies. As reported in the recently launched joint Climate Finance annual report, the total amount of finance mobilised for climate action reached US$ 65.3 billion in 2016. Africa, however, continued to receive the smallest proportion of this funding despite being the region most impacted by climate change.
Undeterred by the shortfalls faced in receipt of much needed funding, African nations continue to work to advance their commitments to creating sustainable societies built on climate friendly and resilient energy and development solutions. Mindful of the fact that the continent’s development is intrinsically linked to how well its citizens manage climate threats and opportunities, the AfDB remains committed to work with all stakeholders in ensuring that Africa meets its Paris Agreement obligations.
The AfDB is setting up the Africa NDC Hub to assist regional countries align their Nationally Determined Contributions (NDCs) with national development plans; provide a platform for a concerted, targeted climate finance mobilization effort toward low carbon and climate resilient development; and to rally, in a coordinated manner, all interested parties around a collaborative effort for NDC implementation across Africa.