NAIROBI, Kenya, 18 September 2023 -/African Media Agency(AMA)/-The Africa Adaptation Acceleration Program (AAAP) has held its 2023 Partnership Forum on 5 September in Nairobi on the sidelines of the Africa Climate Summit.
The event brought together climate advocates and representatives of the African Development Bank and the Global Center on Adaptation (GCA) to take stock of the program’s progress and successes of the in closing the climate adaptation-financing gap, since it launched in 2021. The forum was also an opportunity to highlight climate adaptation country compacts and the AAAP’s work in mainstreaming adaptation in development projects Development Finance Institutions.
Prof. Anthony Nyong, African Development Bank Director of Climate Change and Green Growth, made an impassioned call to action in his opening remarks. “We must act swiftly to build resilience against climate risks while delivering broader sustainable development benefits,” he said. “However, these vital efforts must be accompanied by adequate financing, a call that resonates not just across Africa but across the world.”
AAAP is a joint program of the African Development Bank and the Global Center on Adaptation. It aims to mobilise $25 billion by 2025 to scale climate adaptation investments and solutions across Africa. Over 30 African heads of state and other global leaders have endorsed the AAAP as the implementation vehicle to realize the vision of Africa Adaptation Initiative (AAAI)
Patrick Verkooijen, GCA’s CEO emphasized the urgency of the situation. He said, “Africa cannot afford to lose. Adaptation is better development.” He underscored the uniqueness of the AAAP program, which champions a bottom-up approach, places local leadership at its core, and seamlessly integrates with the global climate finance landscape
The AAAP program has several pillars, including agriculture and Food Security, the African Infrastructure Resilience Accelerator, Youth and Entrepreneurship (YouthADAPT), and Innovative Financial Initiatives.
“Since the launch of the AAAP in January 2021, its Upstream Financing Facility which GCA manages has influenced $5.4 billion in investments financed by the African Development Bank and other partners, including the World Bank,” said Charles Nhemachena, GCA’s acting Regional Director for Africa.
AAAP’s $4 million YouthADAPT program spans 19 African countries and aims to unlock financing for young African entrepreneurs and innovators working in climate adaptation and resilience through blended finance or de-risking tools. The initiative targets extending support to 10,000 youth-led MSMEs (50% women-led) in climate adaptation and resilience by 2025.
During the Africa Climate Summit, African Development Bank President, Dr. Akinwumi Adesina announced, as part of YouthADAPT, a $1 billion facility to accelerate climate financing for Africa’s youth businesses.
“The initiative has not only invested in young entrepreneurs but has also nurtured our potential to create positive change,” said Fela Akinse of Salubata(link is external), a winner of the YouthADAPT Solutions Challenge. The challenge provides winners a $100,000 grant, and the opportunity to participate in a 12-month accelerator program to grow their businesses, deepen their impact and create decent jobs.
Distributed by African Media Agency (AMA) on behalf of BAD
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Source : African Media Agency (AMA)
