The United Kingdom (UK) Foreign Secretary James Cleverly has announced a significant increase in the UK’s financial support to Nigeria and other African countries on the frontline of climate change.
This is as a study by the International Finance Corporation (IFC) showed that private investment opportunities to support climate change adaptation against floods and droughts in Africa could reach a total of $100 billion by 2040.
Also, British International Investment (BII), the UK’s development finance institution and impact investor, has delivered over $1.7 bwillion of climate finance in four years.
BII also said It has delivered $500 million of climate finance so far this year and is on course to significantly exceed its annual 30 per cent climate finance target.
According to a statement issued yesterday by Senior Press &Public Affairs Officer of the British Deputy High Commission in Lagos, Ndidiamaka Eze, the Foreign Secretary while speaking alongside African leaders at an event at COP27 yesterday, confirmed that the UK will provide £200 million to the African Development Bank (AfDB)’s Climate Action Window (CAW).
The CAW is a new mechanism set up to channel climate finance to help vulnerable countries adapt to the impacts of climate change, from severe drought in the Horn of Africa to floods in South Sudan
Cleverly said, “Climate change is having a devastating impact on countries in Sub-Saharan Africa facing drought and extreme weather patterns, which have historically received a tiny proportion of climate finance.
“This new mechanism from the African Development Bank will see vital funds delivered to those most affected by the impacts of climate change, much more quickly. Lack of access to climate finance for the world’s poorest countries was a central focus at COP26 in Glasgow. This £200 million of UK funding is helping us to make tangible progress to address this issue.”
