African Development Bank pushes for new course on energy
Dr Akinwumi Adesina, President of the African Development Bank (AfDB) has called for a new paradigm on energy in Africa to solve the continent’s power crisis and mitigate climate change.
Speaking to a delegation and audience of Ministers representing more than 40 nations spanning the globe in Paris on Sunday, he called for a binding agreement toward limited carbon dioxide emissions at the forthcoming COP21, which would offer a unique opportunity to reach a lasting agreement on limiting carbon dioxide emissions and chart the way for transformative partnerships to address the adverse effects of climate change.
“We need to support initiatives that address risks associated with climate change, and build disaster-response capacity and recovery programmes for those who are most affected.
“This includes building their assets, providing catastrophic bonds, weather index insurance schemes, and crop/livestock insurance for farmers and rural populations,” he said.
Dr Adesina called for strong political will, sharply focused partnerships, and ambitious financing programmes to address climate and its impact on the millions of people whose livelihoods are under threat, especially in small, fragile, and island states, and the Sahel region.
He highlighted three sectors for urgent action: building integrated and resilient energy systems, including both conventional and renewable energy; smart agricultural land use and forestry systems; and boosting urban renewal – creating more resilient cities with efficient water systems and smart, climate-friendly infrastructure.
While endorsing Africa’s position on the need for more resources to address climate change adaptation and mitigation, Dr Adesina assured world leaders of the Bank’s strong support for Africa’s transition to inclusive and green growth.
He affirmed that the Bank would champion the implementation of the polluter pays principle and work with member countries and partners to support governance reforms, continental risk transfer and risk-sharing schemes, and building institutions that would support greater social and economic resilience in the face of climate change.
The President announced that the Bank would expand its support to African countries to solve their energy and food security challenges, while ensuring inclusive and green growth.
“Together, we must end Africa’s energy crisis and unlock Africa’s enormous energy potentials – both conventional and renewable.
“This is why the African Development Bank strongly supports the Africa Renewable Energy Initiative and will cooperate with all stakeholders to launch a new deal on energy for Africa that will accelerate energy supply and access across the continent.”
The Bank would host the drafting team of the Africa Renewable Energy Initiative at the Bank’s Headquarters on September 16, to finalise the action plan for the Initiative.
Source: GNA