Policy Pillar: Financing pledges for Africa

Following Africa’s hydrogen potential being brought into the spotlight at 2022’s COP27 in Egypt, one year on, COP28 in Dubai saw Multilateral Development Banks (MDBs) make commitments to unlock over $180bn in climate financing.

The African Development Bank Group (AfDB) launched a $175m facility for green infrastructure in Africa, as well a $1bn facility to provide insurance against climate impacts to over 40 million farmers across Africa.

The AfDB and the Inter-American Development Bank (IDB) have developed a hybrid capital-based mechanism to channel unused Special Drawing Rights (SDRs). Using this model, wealthy countries lend their SDRs to MDBs, who can use them to issue bonds, multiplying the available capital.

The AfDB, which also launched a Climate Action Window to mobilise up to $14bn to support adaptation in 37 low-income countries, highlighted the continent’s wealth.

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