ROTTERDAM-The Global Center on Adaptation is hosting the Africa Adaptation Summit in collaboration with the African Union [AU], the African Development Bank [AfDB], the International Monetary Fund [IMF], the Africa Adaptation Initiative, and the Climate Vulnerable Forum.
Ahead of COP27, the Summit to be hosted on Monday in Rotterdam, Netherlands, is expected to garner further support and resources for the region’s flagship Africa Adaptation Acceleration Programme [AAAP]. The programme is realising the vision of the Africa Adaptation Initiative by mobilising US$25 billion of investments by 2025 for climate adaptation in food security, resilient infrastructure, adaptation jobs and climate finance.
African Development president Dr. Akinwumi A Adesina is expected to speak alongside other global leaders.
AAAP’s funding is mobilised through upstream and downstream financing facilities endorsed by the African Union. The Upstream Financing Facility—managed by the Global Center on Adaptation—is targeting a capitalisation of US$ 250 million to attract billions of dollars of investment in proven adaptation strategies.
The African Development Bank manages the Downstream Financing Facility through the climate set-aside in the 16th replenishment of the African Development Fund, the Bank Group’s concessional lending arm. To date, this dual financing strategy has enabled the AAAP to rapidly deliver impact at scale by mainstreaming adaptation into projects worth over US$ 3 billion.
The goal of this fund is to strengthen the adaptation and resilience components of projects that need the support of multilateral development banks and other development financial institutions.
Heads of State and Government attending from Africa include President Macky Sall of Senegal and Chairperson of the African Union and outgoing president of Kenya and AAAP Global Champion Uhuru Kenyatta, among others. Prime Minister Mark Rutte of the Netherlands and French President Emmanuel Macron will also speak at the summit, alongside several European Heads of State.
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