Worldbank-World Bank Group Announcements at One Planet Summit. Ambitious new plans to scale up climate action in Africa include $22.5bn in new finance
NAIROBI, March 13, 2019 —The World Bank Group today made several announcements to scale up support for both climate adaptation and mitigation in Africa during the third One Planet Summit. The summit is being convened by President Uhuru Kenyatta of Kenya, President Emmanuel Macron of France, Interim President of the World Bank Group, Kristalina Georgieva, and Deputy Secretary-General of the United Nations, Amina Mohammed.
The World Bank Group is stepping up its climate support for Africa. With continued strong support for IDA, our fund for the world’s poorest countries, this will provide $22.5 billion for Africa for climate adaptation and mitigation for the five years from 2021-2025. This more than doubles the commitment to climate-related projects over the last five years. The funding is part of the Bank Group’s 2025 Targets to Step Up Climate Action, launched in December 2018 during the UN’s COP24 in Poland. It will help African countries manage the risks of a changing climate while unlocking new investment opportunities. IFC and MIGA, the Group’s private sector arms, will also continue to ambitiously grow their climate activities in Africa.
Recognizing that a number of countries in Africa are among the most vulnerable to global climate shocks and stresses, and in line with these new climate financing commitments and future direction of our Africa Climate Business Plan, more than half of the $22.5bn financing will be devoted to supporting adaptation and resilience in Africa. This will amount to about $12-$12.5 billion over five years from 2021-2025.
This year, for example, the World Bank will provide the government of Ethiopia with a results-based support program for adaptation and resilience, the largest done by the World Bank ever in Africa. The new operation, which is currently under preparation, will provide $500 million for results in improved watershed management and land administration systems.