AFRICAN DEVELOPMENT BANK INVESTS IN CLIMATE CHANGE
Last week at the COP22 meeting in Marrakesh, members of the African Development Bank announced their plans to combat and prepare for the impacts of climate change. The Bank sees pushing forward on energy development—including investment in renewable energy—as a way to boost the economy of African countries and combat climate change. The Bank’s plan, the New Deal on Energy for Africa, plans to invest $12 billion in the continent’s energy sector, including in developing up to 300GW of renewable energy power by 2030 as part of their African Renewable Energy Initiative. The Bank also worked to garner support for an Africa-focused climate insurance program, African Risk Capacity Insurance, in light of the fact that African countries have only received 4% of the total green climate funds that were intended to help developing countries cope with the impacts of climate change. For the full story, see https://www.theguardian.com/global-development/2016/nov/18/africa-tired-being-in-dark-bank-chief-plans-boost-energy-akinwumi-adesina-cop22.