AfDB tackles climate change at annual meeting in Sharm al-Sheikh

From 22 to 26 May, African delegations and international partners of the AfDB are attending annual meetings in Sharm el-Sheikh, Egypt, where the Red Sea and Gulf of Aqaba meet.

Akinwumi Adesina, the institution’s president, kicked off the proceedings with the words “money matters, money matters, money matters”. In doing so, he emphasised the scale of the continent’s investment needs, estimated at $2.8trn by 2030.

Financing gap

The multilateral financing institution’s primary concern is the impact of climate change on the African continent. This theme is the focus of the event, which is dedicated to searching for “private sector financing for climate and green growth in Africa”.

Each year, the continent loses an average of 15% of its GDP per capita due to climate change; by 2100, 7% of the continent’s GDP will be lost as a result of global warming. Without innovative solutions, the