World Bank unveils $16 billion Africa Climate Business Plan

04 Dec 2015, 12:00 am
Financial Nigeria

Summary

Of the $16.1 billion that the ambitious plan proposes for fast-tracking climate adaptation, $5.7 billion is expected from the World Bank Group; $2.2 billion from various climate finance instruments...

World Bank President Jim Yong Kim

The World Bank Group unveiled on 24th November, 2015 a new plan that calls for $16 billion in funding to help African people and countries adapt to climate change and build up the continent’s resilience to climate shocks.

Titled “Accelerating Climate-Resilient and Low-Carbon Development”, the Africa Climate Business Plan lays out measures to boost the resilience of the continent’s assets – its people, land, water, and cities - as well as other moves including boosting renewable energy and strengthening early warning systems.

The plan says that Africa requires $5-10 billion per year to adapt to global warming of 2°C; $20-50 billion by mid-century; and closer to $100 billion in the event of a 4°C warming.

Of the $16.1 billion that the ambitious plan proposes for fast-tracking climate adaptation, $5.7 billion is expected from the World Bank Group; $2.2 billion from various climate finance instruments; $2.0 billion from other development finance institutions; $3.5 billion from the private sector; and $0.7 billion from domestic sources, with an additional $2.0 billion needed to deliver on the plan.


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