The African Development Bank is a Global Leader in Climate Finance

The African Development Bank (AfDB) has been recognized by the United Nations (UN) as the only large development bank that has spent more on climate finance to help communities adjust to climate change’s inevitability.

While the African Development Bank has committed 32 percent of its facilities to climate finance and is on the verge of reaching 40 percent, its peers, such as the European Investment Bank, are still at 11 percent.

The Intergovernmental Panel on Climate Change (IPCC) report “Climate Change 2021: The Physical Science Basis,” which addressed the most up-to-date physical understanding of the climate system and climate change, reaffirmed this. Incorporating numerous lines of evidence from paleoclimate, observations, process knowledge, and global and regional climate models, bringing together the latest achievements in climate research.

Human activity has warmed the atmosphere, ocean, and land resulting in widespread and rapid changes in the atmosphere, ocean, cryosphere, and biosphere.

The African Development Bank (AfDB) has increased its climate funding commitments for the period 2020-2025, with a projected investment of $25 billion.

Dr. Akinwumi Adesina, President of the African Development Bank Group, stated that the bank is on track to meet its aim of providing 40% of its resources to climate finance by 2020, a year ahead of schedule. The Bank’s commitment to the aim, which is the largest among the multilateral development banks, has steadily increased from 9% in 2016 to 28% in 2017 and 32% in 2018.

According to the IPCC report, the European Investment Bank spent 11% of its climate money for poorer countries in that year on adaptation.

The report advised society to prepare for heatwaves by building public health infrastructure to deal with individuals who fall unwell, as well as urging regions to reconsider urban planning and development to keep residents away from high-risk areas like wildfires.

Africa

The UN Secretary-General lauds Zambia on its Peaceful Elections

António Guterres, the UN Secretary-General, congratulated Zambia’s government, people, and electoral institutions on the successful general elections.

This was said by Stéphane Dujarric, the UN Secretary-spokesman, General’s when briefing reporters at the UN headquarters in New York on Monday.

“The secretary-general congratulates the Government on the conduct of the general elections on August 12,” Dujarric stated.

The election’s overall peaceful conduct demonstrates the Zambian people’s sustained dedication to maintaining the country’s democracy, peace, and stability.

The UN Offered its continued support for Zambia’s government and people in their efforts to build a democratic, stable, and wealthy country.

The opposition leader, Hakainde Hichilema, won a shock landslide victory over the incumbent, Edgar Lungu, in Zambia’s presidential election on Monday.

With all but one of the 156 seats counted, Hichilema received 2,810,777 votes against Lungu’s 1,814,201, according to the electoral commission.

This would be the third peaceful transfer of power from a ruling party to the opposition since the country gained independence from Britain in 1964.

Hichilema’s followers, dressed in the red and yellow of his United Party for National Development (UPND), danced and sung in the streets around Zambia.

Before entering politics, Hichilema, 59, was the CEO of an accounting firm. He now has the responsibility of trying to turn around Zambia’s fortunes.

Photo Credit: https://www.voanews.com/africa/zambians-vote-national-and-presidential-elections