AfDB joins Africa’s green economy summit to boost climate resilience

THE African Development Bank Group (AfDB) participated in the third edition of Africa’s Green Economy Summit (AGES) in Cape Town, South Africa, from 18 to 21 February 2025.

Hosted by the African Union (AU), the annual summit gathered policymakers, private sector leaders, and experts to discuss Africa's green transition and the urgent need for increased investment in climate resilience.

Held under the theme “Building a Climate-Resilient Africa: Catalysing Investment and Innovation in the Green and Blue Economies,” the four-day conference focused on five key areas: climate finance, biodiversity and nature, green reforms, resilient cities, and green industrialization.

AfDB representatives emphasized the importance of mobilizing sustainable financing and innovative solutions to address the growing climate challenges across the continent. Speaking at the event, an AfDB official highlighted the bank’s commitment to supporting African countries in implementing green reforms and developing climate-resilient infrastructure.

“Our focus is on driving strategic investments that promote sustainability and empower communities to adapt to climate change,” said the AfDB official.

Panel discussions explored how African governments and businesses can leverage global climate finance and technological advancements to protect biodiversity, foster green industrial growth, and build sustainable cities. Experts underscored the importance of integrating blue economy strategies—harnessing the potential of Africa’s oceans and water resources—into national development plans.

Participants called for stronger partnerships between the public and private sectors to accelerate Africa's transition to a low-carbon economy and enhance environmental protection.

The summit concluded with a call to action for African countries to implement policy reforms that create an enabling environment for green investments and sustainable growth.

With its vast renewable energy potential, abundance of critical minerals essential for the global energy transition, and a growing commitment to climate-smart solutions, Africa is very well placed to lead the way toward sustainable global growth. As it navigates a path towards fully realizing these boundless possibilities, against the backdrop of mounting climate challenges, there is increasing focus on the urgency of resource mobilization.

Dr. Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank and keynote speaker at the summit’s opening ceremony, touched on this in his remarks. Affirming that “Africa has enormous opportunities to lead global efforts to transition to a green economy”, he added that, “To build a climate-resilient Africa, adaptation must be at the heart of our strategies. While global climate finance continues to prioritize mitigation efforts, adaptation remains significantly underfunded, receiving less than 10 percent of total climate finance flows.”

Calling for a tripling of Africa’s climate finance flows and green investments, and for the right partnerships to underpin the financing, Nyong concluded that “Together, we can build an Africa that thrives in harmony with nature.”

A “platinum sponsor” for the summit, the Bank featured in a range of activities, discussions and roundtables, consistently demonstrating its leadership role in supporting Africa's countries transition to climate resilience and low carbon development, as articulated in the its Climate Change and Green Growth Framework 2021 – 2030.

Harsen Nyambe, Director of Blue Economy and Sustainable Environment at the African Union, emphasized the summit’s role as “a vital link between global capital and sustainable projects on the continent.”

Barbara Buchner, Global Managing Director of Climate Policy Initiative, stressed the critical need for private sector engagement, highlighting that existing funding amounts to only about 23 percent of Africa's estimated climate finance needs, while only 18 percent of the continent’s climate finance is from the private sector – a figure “much lower than in other regions.”

Maxwell Gomera, South Africa Resident Representative of the United Nations Development Programme, highlighted another key issue: “We've sent people to the moon, yet we still haven’t solved the challenge of clean cooking. This is a business problem.”

“For the African Development Bank, driving green growth in Africa comes with challenges but also significant opportunities. In this regard, AGES presents a unique platform to spotlight Africa as a land of green economic opportunities in a range of sectors such as renewable energy, critical minerals, climate-smart agriculture, green cities, low-carbon and climate-resilient infrastructure, among others,” said Al Hamndou Dorsouma, Manager of Climate and Green Growth at the African Development Bank.

On Tuesday, 18 February, the Bank Group hosted a Masterclass on Carbon Markets in Africa, explored how carbon markets are becoming more stable and attractive for growth, and offering new opportunities for market entry and project development.

By leveraging platforms like AGES, Africa can strengthen partnerships, unlock funding, and implement policies that drive a sustainable and resilient future. With targeted investments and bold commitments, the continent has the potential to lead the way in shaping a low-carbon, climate-smart economy that benefits both its people and the planet.

Cover photo:  The summit concluded with a call to action for African countries to implement policy reforms that create an enabling environment for green investments and sustainable growth.