The Foreign Secretary of the United Kingdom, James Cleverly, has stated that the UK will significantly increase its bid to assist African countries in combating climate change by contributing £200 million to the African Development Bank’s Climate Action Window.
The AfDB’s Climate Action Window is a climate finance channel established to assist poor and vulnerable countries in adapting to the effects of climate change, such as severe drought in Eastern Africa, floods in South Sudan, and, more recently, Nigeria.
Cleverly made the announcement while speaking alongside African leaders at a COP27 event, saying climate change was having a devastating impact on countries in Sub-Saharan Africa suffering from drought and extreme weather patterns, which had previously received only a small proportion of climate finance.
According to him, the African Development Bank’s CAW would result in vital funds being delivered to those most affected by the effects of climate change much more quickly.
“Lack of access to climate finance for the world’s poorest countries was a central focus at COP26 in Glasgow,” Cleverly said. This £200 million in UK funding is assisting us in making tangible progress in addressing this issue.”
Tuesday’s development follows the Foreign Secretary’s announcement on Monday of a series of significant UK investments totaling more than £100 million to help developing economies manage the impact of climate-related disasters while also adapting to climate change.
Akinwumi Adesina, President of the African Development Bank Group, welcomed the United Kingdom’s contribution.
He noted that the UK’s gesture would go a long way toward consolidating efforts to assist African countries in mitigating the effects of climate change.
“I applaud the UK government for this significant contribution to the capitalization of the African Development Fund’s Climate Action Window, as it seeks to raise more financing to support vulnerable low-income African countries most affected by climate change,” Adesina said.
“The UK’s bold move and support will bolster our collective efforts to build climate resilience in African countries.” With the increasing frequency of devastating droughts, floods, and cyclones, the UK’s support for climate adaptation is timely, necessary, and inspiring in closing the climate adaptation financing gap for Africa.
“I arrived in Egypt for COP 27 with the challenges of climate adaptation for Africa at the forefront of my mind.” The United Kingdom’s assistance has given hope. I encourage others to follow the UK’s example of climate adaptation leadership.”
Meanwhile, according to a report released on Tuesday, developing countries will need to secure $1 trillion in external financing per year for climate action by 2030, as well as match that amount with their own funds.
The report, commissioned by the current and previous COP hosts, Britain and Egypt, and released ahead of the COP27 deliberations on climate change finance, stated that the funding would aid in reducing emissions, increasing resilience, dealing with climate change damage, and restoring nature and land.
“The world requires a breakthrough and a new roadmap on climate finance that can mobilize the $1 trillion in external finance required by 2030 for emerging markets and developing countries other than China,” according to the report.
It went on to say that by 2030, developing countries’ total annual investment requirement would be $2.4 trillion, with half coming from external financing and the rest from public and private sources within those countries.
According to the report, the current investment is around $500 million.
With the summit now in its third day, world leaders took the stage on Tuesday to pledge their support for combating climate change by embracing cleaner and renewable energy.