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Zero: The Climate Race

This bank is turning Africa into a climate investment opportunity

Zero: The Climate Race

Bloomberg

Technology, Business, Science

4.7219 Ratings

🗓️ 2 May 2024

⏱️ 36 minutes

🧾️ Download transcript

Summary

Africa currently loses between $7 billion and $15 billion a year because of climate change. If that trend continues, the sum could reach $50 billion by 2030. But African Development Bank President Akinwumi Adesina sees a way forward. He describes the financial instruments the bank is using to encourage investors to fund green development projects across the continent. Adesina talks about making climate investments more attractive globally, and unpacks the projects the bank is already funding – from solar panels in the Sahel to a hydroelectric dam in Mozambique. 

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Zero is a production of Bloomberg Green. Our producers are Mythili Rao, Magnus Henriksen, and Oscar Boyd. Special thanks this week to Kira Bindrim. Thoughts or suggestions? Email us at [email protected]. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.

See omnystudio.com/listener for privacy information.

Transcript

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0:00.0

Welcome to Zero. I am Akshadrati. This week, Green Africa, Rich Africa.

0:07.0

Think about what climate change will do to the world for just a while,

0:21.3

and you will come to a devastating realization.

0:24.3

Those who have done the least to contribute to the problem are going to be the worst affected.

0:30.0

Africa is home to some of the most climate- vulnerable countries.

0:33.9

One big reason is that it is also home to some of the poorest countries in the world.

0:39.6

But combine those two adversities and you can turn it into an opportunity.

0:45.0

Helping Africa grow economically can also make it more resilient to climate change.

0:50.6

Bringing economic growth to developing countries is not a new problem.

0:55.0

For the past century, one of the ways that has happened is through multilateral development banks.

1:00.0

That work began after the Second World War with the likes of the World Bank and other institutions

1:05.0

which were founded by and still sit in rich countries.

1:10.0

But very soon, developing countries wanted to move away from the shadow of colonial powers,

1:15.6

which is how the African Development Bank was founded in 1964.

1:20.6

It's now headquartered in Abidjan, Koddawar.

1:23.6

Today, the bank's challenge is not just economic development, but also dealing with

1:29.5

the impacts of climate change. At COP 28 in December, I sat down with Akin Wumi Adishina, the

1:36.1

president of the bank, to talk about how 54 African countries with enormous differences are

1:42.0

dealing with this big common challenge.

1:45.0

His main tool for finding solutions are the somewhat limited financial instruments that he has access to,

1:52.0

and which he deploys creatively, helping reshape wheat farming in Ethiopia, setting up solar panels across Burkina Faso,

2:00.0

and funding cyclone recovery in Malawi.

...

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