The African Development Bank Group’s (AfDB) vice president, Kevin Urama, has tackled on Wednesday the current role private sector play in financing Africa’s climate action and green growth.
Urama referred to the current total private climate finance being $4.2 billion, with the lowest global leverage ratio of 0.16.
Current climate finance to Africa is $29.5 billion, “only flowing to Africa in trickles” as Akinwumi Adesina has called it.
“Vulnerable countries are more likely not to receive funding, which defeats the purpose of tackling climate impacts effectively,” Urama added.
The statements of the acting chief economist and vice president of AfDB came during the launch of African Economic Outlook 2023.
“There is an inverse relationship between climate vulnerability and the allocation of #climatefinance. Vulnerable countries are more likely not to receive funding, which defeats the purpose of tackling climate impacts effectively.” – @afdb_group VP @ProfUrama #2023AEO #AfDBAM2023 pic.twitter.com/JGxv98WPJt
— African Development Bank Group (@AfDB_Group) May 24, 2023
