Climate change, energy transition take center stage at African banks’ meetings
President of the African Development Bank, Dr Akinwumi Adesina addresses the press on May 23, 2022 in Accra, Ghana. PHOTO/EDGAR R. BATTE
What you need to know:
- Uganda is represented by a delegation led by the minister of finance, Matia Kasaija.
The 57th edition of the annual meetings of the African Development Bank (AfDB) have kicked off in Accra, Ghana, themed ‘is "Achieving climate resilience and a just energy transition for Africa".
Several African states have recently been devastated by extreme climate change conditions including disastrous floods and famine.
AfDB President Dr Akinwumi Adesina states that “the continent continues to suffer annual losses from the effects of climate change in the range of $7 billion to $15 billion and this figure will stand at $50 billion by 2040.”
Uganda is a Member of the AfDB), a multilateral institution whose shareholders comprise 53 African Countries aiming to “contribute to the sustainable economic development and social progress of its regional members, individually and jointly.”
Uganda is represented by a delegation led by the minister of finance, Matia Kasaija.
“Uganda’s participation has been focused on pushing for more resources for infrastructure development and/ or interventions that will address the development challenges that have shaped the global outlook including a global climate crisis that has primarily impacted Africa. Then the Covid-19 pandemic and rising costs of food and energy, precipitated by the war in Ukraine,” he said.
In April, massive floods killed over 500 people and damaged property worth billions of shillings.
“It will take $1.6trillion between 2020 and 2030 to combat the effects of climate change in Africa. Africa receives only 3% of global climate funding,” President Adesina said in his opening remarks at the annual meetings.
He added that the bank will no longer finance coal with that position adopted in policies formed to thwart climate change.
“Also, renewable energy alone cannot meet Africa's needs. We also need stable energy systems. Natural gas must remain a stable energy system in Africa," he remarked.
The Bank has currently 20 on-going operations in Uganda with 18 as public sector operations and 2 as private sector operations under the Uganda Development Bank Limited.
