Monday, 04 July, 2022

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AfDB, Islamic Dev. Bank unite to strengthen climate adaptation, mitigation


In a bid to strengthen Africa’s response to climate adaptation and mitigation, the African Development Bank (AfDB) and the Islamic Development Bank have signed a partnership.

This partnership will accelerate collaboration and integrate climate action into the global recovery from the Covid-19 pandemic.

Both organizations believe that nature-based solutions will harness the power of functioning ecosystems to benefit society and the environment.

They help fulfil low-carbon energy needs but are not based on functioning ecosystems.

The African Development Bank is planning and implementing nature-based solutions to address both biodiversity and climate change issues with the understanding that they are closely interlinked and that actions that conserve biodiversity contribute to climate change mitigation and adaptation. Climate change risk, if not addressed, can be a direct driver of biodiversity and ecosystem services loss.” 

Abdourahmane Diaw, AfDB Officer-in-Charge, Deputy Director-General, for the North Africa Region

AfDB has committed $750 million to support the deployment of 1 gigawatt of solar power generation capacity, reducing about 1.7 million tons of CO2 per year from the .energy sectors of Algeria, Egypt, Jordan, Morocco and Tunisia.

On its part, the Islamic Development Bank believes this strategic partnership with AfDB would scale up effective climate policies across the African continent.

“We have joint programs with the African Development Bank on climate-smart agriculture, in particular in Sub-Saharan Africa. We recognize that, without partnerships, we have no substantial chance of succeeding in our ambitions. The estimated requirement is $8.3 trillion to meet the climate change, biodiversity and land degradation targets of the three Rio Conventions by 2050.”

Amer Bukvic, Acting Director General for Global Practices and Partnership at the Islamic Development Bank

Outlook

The MENA region is a climate change hot spot. Twelve out of the 17 most water-stressed countries globally are in the region, and climate change is expected to exacerbate arid conditions.

The region is also projected to experience the greatest economic losses from climate-related water scarcity, estimated at 6% to 14% of GDP by 2050.