Climate and disaster risk financing get fresh boost from African Development Bank

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“We talk about integrating Africa. We cannot integrate countries that are fragile, we can only integrate countries that are secured.”– Akinwumi Adesina, President, African Development Bank
BUSAN, Republic of Korea, May 23, 2018/ — The President of African Development Bank (www.AfDB.org), Akinwumi A. Adesina, and the Bank’s Board of Governors held a high-level session on “Climate and Disaster Risk Financing” focusing on the Role of the African Risk Capacity (ARC) (www.AfricanRiskCapacity.org) and the Africa Disaster Risk Financing Program (ADRiFi) on Wednesday in Busan, Korea.

The high-level session, part of the 53rd African Development Bank Group Annual Meetings underway in Busan, Korea, provided a platform for African Ministers of Finance, the Economy and Planning, who form its Board of Governors, to extend ongoing discussions between the Bank and regional member countries on the importance of disaster risk financing solutions in building resilience and protecting development gains.

In his opening remarks, Adesina stated that “Africa contributes no more than 2-3% of greenhouse gas emissions, but suffers disproportionately from the negative impacts of climate change. All across Africa, you see today the high frequency of droughts. Africa has been shortchanged by the climate financing architecture. Therefore, we need instruments that will help mitigate climate risks.”

Pledging Bank support for ARC operations, he encouraged others to follow suit. “It must not be only about the African Development Bank,” he said. “We want more stakeholders to join and more partnerships to make sure that the financing mechanism is there.”

“The future of Africa depends on the actions we take today. And we have to have a sense of urgency. If we pump in the alliance and partnerships needed, countries will be able to insure themselves of risks.”

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