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Speaking on the first day of COP27 in Egypt, Dr. Adesina said the funding would strengthen collective efforts to build climate resilience for African countries which are suffering from increasing frequencies of droughts, floods and cyclones that are devastating economies in Africa.

The Glasgow Climate Pact included a commitment from donors to double adaptation finance in 2025 from 2019 levels. Earlier, Sunak announced that the UK will surpass that target and triple adaptation funding from £500 million in 2019 to £1.5 billion in 2025. The funding package provided to AfDB will be part of this commitment.

The Netherlands has also announced that it will contribute to the CAW alongside the UK funding. The Foreign Secretary has called on other countries to contribute over the coming months.

Sunak also confirmed during the COP27 in Egypt that the UK is delivering the target of spending £11.6 billion on International Climate Finance (ICF) alongside the new and expanded solar and geothermal power plants in Kenya, Nairobi’s ground-breaking Railway City and a major public-private partnership on the Grand Falls Dam hydropower project – including a US$3 billion investment led by UK firm GBM Engineering.