World Bank unveils $16 billion Africa Climate Business Plan
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...
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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