The African Development Bank (AfDB) and the Global Center on Adaptation (GCA) have launched a landmark initiative to mobilize $50 billion (£39.9bn) in private sector climate investment across Africa over the next five years.
The programme, known as the Africa Adaptation Acceleration Program (AAAP), is designed to help close Africa’s $250 billion (£199.1bn) annual climate finance gap and accelerate investment in adaptation and mitigation projects.
Expanding Access and Resilience
By 2030, AAAP aims to:
- Provide affordable, sustainable energy access to 300 million Africans.
- Support large-scale infrastructure development.
- Enhance resilience for vulnerable communities facing extreme weather events.
- The initiative has already secured significant commitments at major international forums, including the Mission 300 Africa Energy Summit.
Strong International Backing
The World Bank and the African Development Bank together have pledged up to $48 billion (£38.2bn) through 2030. Additional support comes from global financial partners, including the Islamic Development Bank, the Asian Infrastructure Investment Bank, the OPEC Fund, and the Agence Française de Développement.
Addressing a Critical Funding Gap
Africa is among the regions most vulnerable to climate change yet receives only a fraction of global climate finance flows. With AAAP, AfDB and GCA aim to attract transformational investment into renewable energy, resilient infrastructure, and community adaptation measures, positioning Africa as a global leader in climate resilience.
