AfDB supports Egypt’s efforts ahead of COP27: President

The African Development Bank (AfDB) supports Egypt’s efforts to prepare for the upcoming UN Climate Change Conference (COP27) scheduled to be held in November in Sharm El-Sheikh, the bank’s president Akinwumi A. Adesina told Ahram Online.

The AfDB will be financing the African pavilion at the event, which will represent African countries at the conference, and will provide other financial support, Adesina said in an interview with Ahram Online on the sidelines of the 57th AfDB 2022 annual meeting in Accra, Ghana.

The meeting’s key theme for 2022 is Achieving Climate Resilience and a Just Energy Transition for Africa, and it will discuss how the private sector can play a role in leveraging the required finances for green and renewable energy.

“I am sure that Egypt will do well through the event in terms of pushing forward the efforts to achieve the developed countries’ commitment to allocate $100 billion a year to developing countries to address the climate change impacts and to adapt to them. Africa has no choice but to adapt to such a crisis,” Adesina said.

Adesina added that COP27 comes during a challenging time amid the repercussions of the Russian war in Ukraine, especially the food supply disruption it has caused in Africa as well as the rising food and energy prices.

“I have no doubt at all that COP27 will achieve its goals and signal the voice of Africa. President Abdel-Fattah El-Sisi is very focused and I am sure that he will make a great effort for this event to make a difference for all African countries,” Adesina asserted.

During a welcome event held on Monday for members of the international press, the AfDB’s president said that the bank is working hard through its facilities, programmes and financing programmes to achieve self-sufficiency in terms of food staples.

He added that Africa is the second most vulnerable region to climate change globally, saying “climate change is killing Africa.”

He also said that the continent needs around $1.6 trillion for climate adaptation efforts through 2030.

In this respect, Adesina said that Africa receives only 3 percent of the global climate finance flows, adding that the AfDB has doubled its climate adaptation facilities to reach a record $25 billion by 2025.

Regarding the impacts of the war in Ukraine, Adesina noted that the war has caused new challenges for Africa, especially in terms of high energy prices, high fertiliser prices, and a disruption in food imports.

With 30 million tons of food imports, especially wheat and maize, that will not be coming from Russia and Ukraine, Africa faces a looming food crisis.

“The AfDB stepped up and is showing incredible leadership to tackle this new challenge and ensure that Africa does not experience the looming food crisis. Africa does not need bowls in hand, Africa needs seeds in the ground.

Africa should not be begging for food; Africa must produce its own food. There is no dignity in begging for food,” he explained.

The AfDB and the African Union Commission have developed the Africa Emergency Food Production Plan, which will provide 20 million farmers with improved seeds and fertilisers, as well as other farm inputs, to produce 38 million metric tons of food worth $12 billion.

“This will include 11 million metric tons of wheat, 18 million metric tons of maize, 6 million metric tons of rice, and 2.5 million metric tons of soybeans,” he explained.

Accra is hosting the AfDB annual meetings for 2022 over five days, scheduled to conclude .

Egypt, which is expected to participate in the meetings, is a founding member of the AfDB and its second largest shareholder.