The World Bank has pledged $22 Billion in funding to help the African continent fight climate change; the funds will be sent from 2021 to 2025.
Washington D.C, United States – The World Bank launched a massive climate project in December 2018 as a way to affect change globally. Initially, the bank pledged $200 billion in funds for countries to take ambitious climate action, with a strong focus on increasing adaptation.
Now they have pledged an additional $22 billion specifically for the African continent. The announcement came at the same time as the United Nations’ third One Planet Summit (OPS) earlier in March.
The One Planet Summit brought together international government leaders and representatives from the private sector, including entrepreneurs, donors, organisations and other global stakeholders to discuss collaboration on climate action.
After the massive disaster from Cyclone Idai, working on climate change in Africa is vital. The cyclone has shown just how at risk African countries are during natural disasters. The bank is now collaborating directly with eight countries on climate adaptation and mitigation including Rwanda, Mali, Cote d’Ivoire, Namibia, Uganda, Mozambique, Zimbabwe, and Kenya.
A great example of the assistance these countries can expect is the work the bank did with Cameroon. The World Bank Group approved an investment package of $794.5 million for hydropower projects in Cameroon. Once the project has been completed, it is estimated that it will increase the nation’s electricity-generating capacity by 30% plus it will be a good source of clean energy. The completed project will also provide economic opportunities and boost agricultural stability in disadvantaged communities.
“This investment in clean energy is key to lowering the cost of electricity and ensuring that Cameroon’s economy is competitive,” said Elisabeth Huybens, World Bank Country Director for Cameroon.
“[This project] is one of the very few public-private partnership hydropower projects in Sub-Saharan Africa that will accelerate Cameroon’s realization of its development goals, including poverty reduction.”
This additional funding will help uplift the eight abovementioned countries in the long run. This is good news for Africa as a whole, and we can’t wait to see how the funds are used to benefit the people living in these countries.