Given the importance of climate finance, the African Development Bank committed to double its climate finance from $12.5 billion in the 2016-2020 period to $25bn between 2020-2025 and to allocate at least 40% of its annual investments to climate finance.
Director General for Southern Africa Leila Mokaddem said regional integration and energy supply would be the steppingstones to ensure energy security in Africa. “Energy is one of the essential requirements for Africa’s development. The cost of delayed full electrification of the continent is increasing as time goes by. The African Development Bank has therefore made ‘Light up and Power Africa’ the first of the five pillars of its High 5 vision,” she said.