Financing linked to climate change rose 28% to 35.2 billion, BAD announces – The Economic Journal

Financing linked to climate change rose 28% to 35.2 billion, BAD announces - The Economic Journal


Climate change financing from the African Development Bank (AfDB) rose 28 percent in 2017 to a record $ 35.2 billion, with sub-Saharan Africa receiving 16 percent of the world's total funds.

"Of last year's total, $ 27.9 billion, representing 79 percent, was dedicated to climate change mitigation projects aimed at reducing harmful emissions and slowing global warming," the ADB said today.

"The remaining 21 percent worth $ 7.4 billion has been invested in climate adaptation projects that particularly help emerging and developing economies deal with the effects of climate change such as heavy rains, longer droughts and other extreme weather events, "added the statement distributed in Abidjan, where the ADB headquarters is located.

In addition to the $ 35.2 billion financed by the AfDB, this type of funding for environmentally sustainable projects raised $ 51.7 billion from other public and private funding sources, bringing the total to almost $ 87 billion. dollars.

In the statement, the ADB also laments that the African continent, "which represents less than 4% of greenhouse emissions, receives only 3% of climate financing, despite being the continent most affected by these changes."



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