Rich countries and international financial institutions need to provide more funding for Africa to support global climate goals by preventing African nations from pursuing carbon-intensive development, a senior African Development Bank executive said on Wednesday.
The bank's vice president Kevin Urama said the regional development lender was seeking a new type of special drawing rights from the International Monetary Fund that would be channelled to "climate resilience."
"Because otherwise if Africa chooses to develop on high carbon intensive pathways the planet is at risk." Meeting the nationally determined contributions to fight climate change requires African countries to mobilise $1.6 trillion between 2022 and 2030, but so far, they have only received $18.3 billion, the bank said in a recent report.
The global financial architecture "needs to be reviewed" as the overlapping crises deepen the gap between the global north and south, he said.
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