Forging a Climate-Friendly Partnership
In a groundbreaking move, the African Development Bank (AfDB) and the Korea Environmental Industry and Technology Institute (KEITTI) have come together to sign a collaborative technical assistance agreement.
This strategic alliance aims to facilitate increased investments in low-carbon and climate-resilient technologies, ultimately bolstering climate change mitigation and adaptation efforts across numerous African nations.
Paving the Way for Progress
The historic agreement was formalized on September 14 during the sidelines of the 7th Korea-Africa Ministerial Conference on Economic Cooperation, hosted in Busan, South Korea’s vibrant second-largest city.
Through this innovative partnership, Korea is poised to share its technological prowess, experiences, and knowledge with the African member countries of the AfDB. The primary objective is to assist these nations in identifying and cultivating eco-friendly projects that will contribute to sustainable development.
Commitment to Climate Action
Dr. Kevin Kariuki, Vice President for Power, Energy, Climate Change, and Green Growth at the AfDB, who played a pivotal role in signing the agreement, expressed profound satisfaction regarding the partnership. He emphasized that this collaboration would pave the way for the deployment of climate change technologies across numerous African countries.
Furthermore, Kariuki noted that the focus areas outlined in the agreement align seamlessly with the priorities of the 2023 KOAFEC Ministerial Conference, which notably centers on agriculture and energy. He stressed the critical importance of transforming these sectors to ensure energy and food security, highlighting the need for substantial investments in technology development, increased financial resources, and the forging of strategic partnerships.
Africa’s Climate Conundrum
Africa faces unique challenges in the realm of climate change. It is home to nine of the world’s ten most climate-vulnerable countries. Despite contributing only 4% of global carbon emissions, Africa remains the continent most susceptible to the adverse impacts of climate change.
Recent findings from the African Development Bank’s African Economic Outlook 2022 underscore the severity of the situation. Climate change looms as a looming threat, with the potential to erode Africa’s economic performance, possibly causing a reduction of up to 15% in GDP by the year 2050.
A Shared Vision for Environmental Projects
Dr. Lee Woo-Weon, Vice President of the Korea Environmental Industry and Technology Institute (KEITTI), enthusiastically welcomed the collaboration with the African Development Bank on joint technical assistance projects.
“KEITTI will actively support the preparation of environmental projects across various sectors, including water, energy, climate change, circular economy, and environment,”
Dr. Woo-Weon stated, underlining the commitment to tackling pressing environmental challenges.
AfDB’s Pioneering Climate Initiative
The African Development Bank stands at the forefront of efforts to bolster climate-resilient and low-carbon development throughout Africa. It achieves this through strategic investments aligned with the goals of the Paris Agreement.
The Bank’s Climate Action Window stands ready to mobilize a staggering $13 billion, with the aim of amplifying transformative climate action programs across the African continent.
Kariuki, reinforcing the AfDB’s commitment, asserted,
“The African Development Bank is fully equipped to provide comprehensive technical support, project preparation assistance, concessional financing, and risk mitigation measures to address the multifaceted challenges posed by climate change. Together, we can ensure a just energy transition.”
He called upon global partners to unite with the African Development Bank in the collective pursuit of transformative climate change adaptation and mitigation initiatives, with a shared vision of a sustainable future for Africa.