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Adaptation Investment Financing in Africa: AfDB’s Approach
- 1. Adaptation Investment Financing in Africa: AfDB’s Approach Dr Olufunso Somorin Regional Principal Officer, Climate Change and Green Growth Program, East Africa African Development Bank
- 2. Adaptation is an urgent priority: • From planning to implementation • From policy frameworks to actions • From global ideas to local actions • From knowledge to impact • From NAPs/NDCs to investment plans SCALE and SPEED Adaptation in Africa Finance is key: • Increasing quantity and quality of financial resources for adaptation • Mainstreaming adaptation in national development finance frameworks • Innovative financial mechanisms for scaling up • Diversifying financial instruments • Making business/economic case for adaptation. • Private capital flows for adaptation
- 3. AfDB’s Approach: Africa Adaptation Acceleration Program 46 PROJECTS 36 COUNTRIES 25 21 INVESTMENT OPERATIONS TECHNICAL ASSISTANCE USD 10 BILLION…SO FAR!!!
- 4. AfDB’s Approach: Climate Action Window Adaptation US $322M Mitigation US $ 64M Agricultural resilience Water security Climate Information Transport and infrastructure (mitigation and adaptation) Energy (mitigation and adaptation) Green finance Technical assistance (cross-cutting) The indicative allocation is 75% Adaptation, 15% Mitigation and 10% Technical Assistance Ceiling: UA 11.54 million (~USD 15 million) ; Floor: UA 3.85 million (~USD 5 million) USD 429 MILLION
- 5. AfDB’s Approach: Risk Insurance Facility An initial USD1 billion of concessionary high-risk capital and grants to catalyze the development and uptake of insurance solutions to help countries, businesses and communities adapt to climate change.
- 6. AfDB’s Approach: Adaptation Compact Structure: • Country vulnerability situation • Progress on adaptation to date • Opportunities for scaling investment in adaptation • Adaptation financing needs, commitments, and gaps • Governance of adaptation investment programs • Resource mobilization strategy • Investment plan Republic of Congo Equatorial Guinea Kenya Mozambique Nigeria Senegal Tanzania
- 7. Progress on mainstreaming adaptation into the national development planning and budgeting processes Despite adaptation financing from domestic and international sources showing an increasing trend since 2013/14, there is still a big funding gap that hinders efforts to address the adverse impacts of climate change in the country The current funding gap for financing adaptation NDC is estimated to be USS 3.3 billion annually Enhancing the implementation of identified adaptation needs in Tanzania will require scaling up resource mobilization from domestic initiatives and international partners
- 8. Summary of country investment priorities for upscaling adaptation actions Priority adaptation investment opportunities: • Resilient infrastructure: o Dar es Salaam Bus Rapid Transit Project o Construction of multipurpose ports o Rural Electrification Programme o Dar es Salaam Metropolitan Development Project • Securing water for development o Rural Water Development Programme • Food security and jobs: o Procurement of deep-sea fishing vessels o Building a Better Tomorrow: Youth Initiative for Agribusiness and Livestock and Fisheries • Financing: o Boosting inclusive growth for Zanzibar (BIG-Z) o Tanzania Social Action Fund (TASAF) Programme o Local Climate Adaptive Living Facility (LoCAL)