African Development Bank’s Climate Initiatives at COP28

Conceptual illustration of the African Development Bank's COP28 climate initiative, showcasing the spirit of collaboration in green infrastructure and sustainable development.

The African Development Bank Group showcased a strong commitment to climate resilience at the 2023 UN Climate Change Conference (COP28). Key highlights include:

  1. Alliance for Green Infrastructure in Africa (AGIA): Over $175 million was mobilized for AGIA, emphasizing green infrastructure vital for climate-friendly growth.
  2. Special Drawing Rights (SDRs) Advocacy: The Bank advocated using SDRs to bolster development resources for countries in Africa, Latin America, and the Caribbean, focusing on those most in need.
  3. Climate Adaptation Initiatives: These initiatives encompass clean cooking solutions and climate-resilient debt clauses, demonstrating a holistic approach to climate adaptation.
  4. Renewable Energy and Female-Led Businesses: The Bank announced significant support for renewable energy projects and female-led businesses in climate adaptation, aligning with COP28’s goal of tripling renewable energy capacity in the Sahel.
  5. EU Carbon Border Tax Concerns: The Bank expressed concerns about the EU carbon border tax adjustment mechanism, highlighting its potential impact on African economies.
  6. Africa and Middle East SAFE Initiative: Participation in this initiative underlines the Bank’s commitment to climate-smart agriculture practices, crucial for sustainable development.
  7. Battery Energy Storage Systems (BESS) Consortium: This involvement marks a strategic move towards revolutionizing Africa’s energy landscape through innovative energy storage solutions.
  8. COP28 UAE Declaration Endorsement: The Bank’s endorsement of this declaration signifies its alignment with global climate goals and cooperative efforts.
  9. Promotion of Green Bonds and AFC Partnerships: The Bank’s efforts to promote green bonds and its partnerships with the Africa Finance Corporation reflect a strategic focus on sustainable financing for infrastructure projects.

These initiatives by the African Development Bank Group at COP28 highlight a comprehensive strategy aimed at fostering a climate-resilient Africa, aligning with the Paris Agreement and Sustainable Development Goals.