The African Development Bank (AFDB) Group has provided a framework for the governors of the Banks to address climate change and energy transition challenges, as well as their policies and measures to deal with them.
According to the AFDB in a virtual press conference, its Annual Meetings in May will focus on the impact of climate change on Africa and the need for a just energy transition on the continent.
Vincent Nmehielle, Secretary General of the AFDB, said the upcoming AFDB annual meetings, which will be held from may 23 to 27 in Ghana, will allow the bank governors to share their experiences and engage in policies and measures to address climate change and energy transition challenges.
“Governments will be able to show what their countries have done in this regard,” he said. “Achieving Climate Resilience, and a Just Energy Transition for Africa is this year’s theme.”
Meanwhile, this year’s sessions, the 57th Annual Meetings of the African Development Bank and the 48th Annual Meetings of the African Development Fund, will see many delegates meet in person for the first time since 2019.
The Annual Meetings will also serve as a precursor to the UN Climate Change Conference, or COP 27, which is being called the “African COP”, to be held in November in Egypt. Governments will once again lobby for the continent’s positions on climate change.
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Acting Chief Economist and Vice President of the AFDB, Kevin Urama, stressed the Bank’s role as a thought leader in Africa, stating that the meetings would feature three primary knowledge activities.
“It would cover issues like establishing a digital economy, green jobs for youth, and a special session on climate change, which would include the presentation of the African Development Bank’s African Economic Outlook for 2022 report,” he said.
In addition, Urama said the Bank will be focusing a lot more on infrastructure investments to build the resilience of countries, social resilience, economic resilience and also environmental resilience in general, including climate resilience.
On the other hand, Kevin Kariuki, vice-president for Power, Energy, Climate and Green Growth, AFDB noted that the African Development Bank was no longer investing in new coal projects.
“However, when it comes to gas, we recognize that Africa must solve its energy poverty, and in order to do so, we must consider all non coal energy sources.
“As a result, from where we stand, the bank will invest in those gas power plants as long as a gas project has been included in a country as part of Nationally Determined Contributions,” he said.
Nmehielle, at the end of the session, said the Bank exists to help regional member countries to achieve their socioeconomic development.
He also urged various stakeholders to advocate for development in their respective countries.
Meanwhile, another key highlight of the Bank Group’s Annual Meetings will be a commemoration of the 50th anniversary of the African Development Fund, the Bank Group’s concessional lending
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