President of the African Development Bank Group (AfDB) Akinwumi Adesina said that the large attendance at the AfDB annual meetings in Sharm El Sheikh asserted the good ties between Egypt and the participating countries.
Speaking at the meeting’s inaugural session, Adesina expressed his gratitude to President Abdel Fattah El Sisi for his support of the bank’s annual meetings.
President of the African Development Bank Group (AfDB) Akinwumi Adesina said Sharm El Sheikh hosted the 27th session of the Conference of the Parties to the UNFCCC (COP27) to discuss means to limit global temperature rises to 1.5C under the 2015 Paris agreement.
Adesina said “Just to be clear, Africa is being shortchanged by climate finance. Africa will need $2.7 trillion by 2030 to finance climate change needs as per the nationally determined contributions of Africa.”
“We made a commitment to provide 40 per cent of our total financing for climate finance; we have exceeded that today, we had 45 per cent of our total financing go into climate,” he said.
He said Africa’s finance for climate for the private sector would have to grow by 36 percent annually, adding that about $213 billion in private sector financing was needed yearly.
