Tuesday, January 31, 2023
HomeBusinessGuterres calls for $100 billion in climate finance to support developing nations

Guterres calls for $100 billion in climate finance to support developing nations

African Development Bank President Akinwumi Adesina on Monday joined world leaders to discuss the global transition to clean power as part of a green recovery and identify actions that can be taken to support this.

The virtual COP26 Roundtable on Clean Power Transition, under the theme “Achieving a rapid shift to green, affordable and resilient power systems” was held amid growing recognition that climate change remains one of the greatest challenges facing humanity.

Participants included UN Secretary General António Guterres, COP26 President Alok Sharma, UK Foreign Secretary Dominic Raab, Italian Minister of Foreign Affairs Luigi Di Maio, and representatives from governments, multilateral development banks, the private sector and international organisations.

Guterres said the year ahead would be critical “not only in beating the COVID-19 pandemic but in meeting the climate challenge”. He said African countries in particular were vulnerable and renewed his call for developed nations to fulfill their longstanding pledge to provide $100 billion a year for developing countries to support both climate mitigation and adaptation. 

“Huge amounts of money have been earmarked for the COVID-19 recovery and stimulus measures. But sustainable investments are still not being prioritized,” Guterres said. “We must invest in the future of affordable renewable energy for all people, everywhere.”

These discussions have gained an added urgency in the wake of the COVID-19 pandemic, which has strained fiscal resources that are available to cope with global crises. The accelerated transition to green, affordable and resilient power systems has been identified as a top priority for COP26 under the presidency of the United Kingdom, which has established the Energy Transition Council to drive the transformation.

One of the most direct impacts of the pandemic was the disruption it caused to the 2020 edition of the global climate change talks known commonly as COP, hosted annually by the United Nations. The event was postponed to November this year, when it is due to be held in Scotland.

COP26 President Sharma said the global transition to clean power must move at least four times the current pace to achieve targets set out in Paris Agreement on climate change. He called for enhanced global cooperation to boost innovation and economies of scale.

“This is our moment in history to make those vital decisive and positive choices so that we can protect the future of our planet and our peoples. So, let’s continue to work together to bring the benefits of clean affordable and resilient power to the world,” Sharma said.

Di Maio, whose government co-hosted Monday’s event, said a clean energy transition “must be a universal goal in the interests of the entire international community.”

“Italy has been working with international agencies and private sector to foster smart and digital power infrastructure in African countries. Such an improvement would boost energy efficiency and facilitate energy access for all local communities.”

Reiterating that the African Development Bank will no longer finance coal projects, Adesina said the Bank had prioritized renewables as the mainstay of its Light Up and Power Africa strategic priority, as a result of which the share of renewable energy in the Bank’s power generation investments now stands at 80%.

“The Bank has been at the forefront of transformative renewable energy projects in Africa, including large-scale concentrated solar projects in Morocco – one of the largest in the world – and the Lake Turkana wind power project, the largest in Sub-Saharan Africa,” Adesina said.

The Bank expects to invest $10 billion in the energy sector over the next five years, Adesina said. One of its flagship projects is the $20 billion Desert-to-Power program, which strives to build the largest solar zone in the world in the Sahel and to provide electricity to some 250 million people.

“When we light up and power Africa – based on an energy mix aligned to a low carbon transition and prioritizing renewable energy sources – we will achieve a more economically prosperous Africa,” Adesina said.

Source African Development Bank Group

The Maravi Post has over one billion views since its inception in December of 2009. Viewed in over 100 countries Follow US: Twitter @maravipost Facebook Page : maravipost Instagram: maravipost    
Maravi Post Reporter
Maravi Post Reporterhttps://www.maravipost.com/
Op-Ed Columnists, Opinion contributors and one submissions are posted under this Author. In our By-lines we still give Credit to the right Author. However we stand by all reports posted by Maravi Post Reporter.

Most Popular

Recent Comments

The History of online Casinos – Agora Poker – hao029 on The History of online Casinos
Five factors that will determine #NigeriaDecides2023 - NEWSCABAL on Leadership Is Difficult Because Governance Is Very Stubborn, By Owei Lakemfa
Asal Usul Texas Holdem Poker – Agora Poker – hao029 on The Origins of Texas Holdem Poker
Malawi has asked Mike Tyson to be its cannabis ambassador - Techio on Malawi lawmaker Chomanika against Mike Tyson’s appointment as Cannabis Brand Ambassador over sex offence
Finley Mbella on Brand Chakwera leaks Part 1
Maria Eduarda Bernardo on The 2021 Guide to Trading Forex Online
Atsogo Kemso, Political Foot Soldier on Why MCP and UTM Alliance Will Fail
Em. Prof. Willem Van Cotthem - Ghent University, Belgium on Malawi army, National bank cover Chilumba barrack with trees
Christopher Murdock on Why dating older woman is dangerous?
Samantha The Hammer on Why dating older woman is dangerous?
Muhindo Isevahani on The Cold War Against TB Joshua
JCON/SCOAN/BKN(888/8885/8808) on The Cold War Against TB Joshua
Keen Observer on Jesse Kabwila, Then and Now
Francesco Sinibaldi on Advertising in 2020 and beyond
Eva Roberts on