Africa will drive the energy transition agenda according to Adesina

Africa will drive the energy transition agenda according to Adesina
Africa will drive the energy transition agenda according to Adesina
For the President of the AfDB, Africa is a blessed continent. We have unlimited sun, unimaginable energy potential and therefore our continent will be a central pillar in the production of green energy globally by exploiting and exporting all its potential.

Africa must adapt to climate change

Addressing climate change, Adesina emphasizes that the continent suffers enormously from this phenomenon and therefore, it must adapt. From this point of view, he indicates, Africa must work to build a resilient system, and for him, the future of the continent’s economy will depend on the way in which we are going to build this resilience. Indeed, he says, just the annual losses due to climate change are estimated today at 7 billion dollars, and if nothing is done, they could reach 30 billion dollars, all important resources lost for the development of the continent.

Call for reform of the global financial architecture

Africa faces enormous needs to finance its development, and the current architecture of global finance is not favorable to it, despite the remarkable performance of the AfDB. With its very robust AAA rating, the ADB has now moved to a higher level, which allows it to mobilize less expensive financing to support development projects.

This is why Adesina called during these 59th annual meetings for a deep reflection on the role that the continent should play with all its potential. However, he indicates, the transformation of Africa and the reform of the global financial architecture are a necessity. This is why, he says, the ADB is already working on it.

Pooling of resources between institutions

Moreover, the head of the ADB nevertheless draws attention to the fact that times have changed, and that today there is no financial institution that can solve the financing problem on its own.

Therefore, he urged multilateral development institutions to work together. The ADB understands this and that is why, moreover, during the last Bretton Woods meetings, the President of the World Bank, Ajay Banga and I, decided to work together by launching the initiative aimed at connecting 300 million Africans with electricity by 2030.
Ismaila BA, Special Envoy to Nairobi



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