The African Development Bank aims to facilitate the raising of $25 billion for climate action in Africa by 2021. The announcement was made by its president, Akinwumi Adesina, on the verge of a new term at the head of the institution.

The African Development Bank (AfDB) aims to mobilize $25 billion to finance climate action on the continent by 2021. Akinwumi Adesina (pictured), its president, made the announcement during his inauguration as head of the organization for a second term.

"Since COP 21 in Paris, we have taken climate into account in our operations. The Bank's climate finance has increased from 9% when you elected me in 2015 to 36% in 2019, an increase of 400%. We now have a goal of reaching $25 billion in climate finance by 2021," the official said.

In 2019, the AfDB allocated $3.5 billion in climate finance and adaptation on the continent. It plans to allocate at least 40% of its financial allocations to climate action in 2020.