World Bank Group’s interim president, Kristalina Georgieva has said it would more than double its commitment to climate adaptation and mitigation in Africa over the next five years to $22.5 billion.
He said in an emailed statement to Bloomberg that “This region is particularly vulnerable to increasing floods, droughts and destructive storms. We have to do more and do it faster, or millions of people could be plunged into poverty due to the effects of climate change.
“Despite contributing four per cent of the global greenhouse-gas emissions, more than 65 per cent of the continent’s population is directly impacted by climate change, according to the United Nations Economic Commission for Africa.
Georgieva is in Kenya’s capital, Nairobi, for the One Planet Summit that’s convened by Kenyan president, Uhuru Kenyatta, French president, Emmanuel Macron and Amina Mohammed, deputy secretary-general of the United Nations and a former Nigerian environment minister.
The World Bank and KTDA Power Co., a unit of Kenya Tea Development Agency Ltd. would on Thursday sign an emission-reduction purchase agreement to buy carbon credits from smaller hydropower plants.