The African Development Bank (AfDB) will inject $25 billion into climate projects and green growth in Ivory Coast. This green financing will help accelerate the level of development and reduce emissions in this West African country by 2025.
The African Development Bank (AfDB) will mobilize 25 billion dollars to finance climate change adaptation and green growth projects in Ivory Coast by 2025. Several sectors are concerned by this initiative, including renewable energy, green mobility and smart agriculture, which will create at least 500 000 jobs in this West African country.
While Africa emits only 3% of greenhouse gases compared to global emissions, Charlotte Ako, the AfDB’s Head of Climate Change and Green Growth, believes that this $25 billion support will enable Ivory Coast to meet the challenges of the ecological transition and optimize its share of the 4% that the continent receives from the Global Climate Fund.
Renewable energy at the heart of green growth
The AfDB wants to contribute to universal access to modern, affordable and reliable energy by 2030. To this end, the financial institution has been investing in recent years in the Nachtigal hydroelectric project in Cameroon, the Alcazar solar photovoltaic (PV) project in Egypt and the Lake Turkana wind farm project in Kenya.
Since 2015 in the aftermath of the Paris climate agreements, the AfDB has decided to further promote the green economy. In this sense, the AfDB wants to enable the continent to progressively embark on the path of green growth.