Climate Watch: Akinwumi Adesina advocates increased private sector investment in Africa’s climate finance

Despite directly impacting our communities, health, and livelihood, climate-related reports usually take a back seat to dominant news beats like politics and business. Climate Watch aims to ensure you never miss important stories on climate change and actions being taken toward limiting its impact.

Here is a round-up of last week’s climate stories:

• Last week at the African Development Bank Group (AfDB) annual meeting held in Egypt, Akinwumi Adesina, the bank’s president, said Africa was in dire need of adequate financing to tackle the effects of climate change. Adesina said the continent would need $2.7 trillion to finance adaptation to climate change by 2030. He also said Africa’s climate finance from the private sector would need to increase by 36 percent yearly. Read more here.
• The Nigerian Maritime Administration and Safety Agency (NIMASA) and the XPO Marine Services Limited, on May 22, signed an agreement to cater to waste generated at sea and eliminate pollution in Nigeria’s waters. The concession agreement also sought to provide an offshore waste reception facility (OWRF) and create employment and improve economic activities in the country. Read more here.
• Meanwhile, over 100 members of the US congress and EU parliament have asked that the appointment of Sultan AI Jaber as the president-designate of COP28, be withdrawn. The lawmakers argued that AI Jaber, who is the head of Abu Dhabi National Oil Company (ADNOC), may not push countries to rapidly reduce their fossil fuel use. They added that his removal would help to restore public faith in the COP process. Find out more here.
• Simon Stiell, United Nations executive secretary on climate change, has called for a transformation in the global approach to climate change and biodiversity. Stiell, who spoke during the international day for Biological diversity, said there was a need to adopt smart policies to enrich biodiversity, protect the ecosystem, as well as strengthen the fight against negative climate change impacts. Read more here.
• Also, the house of representatives, on May 25, asked the federal government to implement the carbon credit scheme to mitigate the negative effects of climate change in the country. Sam Onuigbo, a lawmaker who moved the motion, said the industrial sector contributes highly to the emissions of greenhouse gases in the country. Onuigbo said the implementation of the carbon credit scheme would help to incentivise the decarbonisation of the sector. Find out more here.