The African Development Bank (AfDB) created the Adaptation Benefits Mechanism (ABM) on the 4th of October 2019. At the end of the same month, the AfDB appointed the members of the Board of Directors of the institution, who will have to mobilise funds for climate change adaptation in Africa in the coming days.
The situation is becoming increasingly clear for the Adaptation Benefits Mechanism (ABM), the most recent instrument set up by the African Development Bank (AfDB) to mobilise funds to finance resilience and adaptation to the negative impacts of climate change in Africa. It was established on October 4, 2019, and the AfDB established a Board of Directors composed of experts for the management of the ABM at the end of October.
“Their noble and innovative mission is to convince the world that adaptation measures, like mitigation measures, are valuable and must be rewarded.” This is how Anthony Nyong, head of the AfDB’s Climate Change and Green Growth Department, described the mission of the team formed to serve on the ABM Board of Directors. This team of experts from several African countries will be assisted in this mission by an interim secretariat. “We have with us the world’s brightest minds on climate change, having gained considerable experience in different areas, and with different stakeholder groups for the Adaptation Benefits Mechanism,” he added.
The members of the Board of Directors are: Évelyne Batamuliza (Rwanda), Louise Helen Brown (Namibia), Luc Gnacadja (Benin) Axel Michaelowa (Switzerland), Daouda Ben Oumar Ndiaye (Senegal), Doreen Mnyulwa (Zimbabwe), Fatima-Zahra Taibi (Morocco) and Assefa Tofu (Ethiopia).
The ABM was implemented by the AfDB with the support of the Climate Investment Fund. This strategy will enable it to bring together members of the public and private financial sector in Africa and around the world for ongoing fundraising to support climate change adaptation projects.
As a first step, pilot projects will be implemented in a few countries. These tests will allow the management team to determine fundraising models for larger projects that will emerge in the future. The ABSM will reduce the risks associated with climate change and boost investment in this sector. This strategy will enable the AfDB to support African countries in achieving the objectives of the Paris Agreement and other ambitions they have set themselves in the fight against climate change.