World Bank, AfDB Pledges $47 billion to African Climate Finance

The World Bank and the African Development Bank will have announced that it will come together in order to pledge more than $47 billion by 2025 to support African countries tackle the effects of climate change, the banks held.

Many countries on the continent, particularly those on the coast, are among the most exposed to the effects of climate change such as rising sea levels and coral reef deterioration. Others are likely to more frequent droughts, desertification and floods.

The World Bank supposed in a declaration it had promised $22.5 billion for 2021-2025, while AfDB whispered it had dedicated $25 billion to climate finance between 2020 and 2025.

AfDB said the funds would be used to surge investment in renewable energy projects like solar power plants.

"The share of our portfolio that was in renewable energy generation between 2013 and 2015 was 59 percent but from 2015 to 2018 we moved from that to 95 percent," AfDB president Akinwumi Adesina told on the sidelines of a U.N. environment meeting.

The World Bank said some of the recipients of its funding would include projects in Ethiopia, Rwanda and Kenya.