Nairobi — The Global Center of Adaptation (GCA) has raised $25billion to support climate change programmes in Africa by the 27th United Nations Climate Change Conference (COP27).
The first funds are expected to be released next month under the Africa Adaptation Acceleration Program(AAAP)
GCA CEO Patrick Verkooijen has welcomed President Uhuru Kenyatta as a Global Champion for the Program during a high-level bilateral meeting at State House in Nairobi.
In Kenya, the University of Nairobi will support the team as they develop initiatives targeting food security, and job creation among others.
“Africa is confronting multiple global shocks that are reverberating through our economies. The catastrophic drought in Kenya, exacerbated by climate change, is threatening lives and livelihoods, and needs an immediate response. Many African nations, including Kenya, have already suffered losses of three to five percent of GDP because of the present climate threat,” Uhuru said.
The African Union has endorsed AAAP’s two financing mechanisms, including the AAAP Upstream Financing Facility hosted by GCA, which has already influenced $3billion in investment for adaptation in Africa since its inception in 2021.
The African Development Bank Group administers the second financing mechanism through the climate set aside under the ADF-16 replenishment, which builds on the AfDB’s firm commitment to finance $12.5 billion – half of the AAAP investment target.
“I am deeply honored to continue working alongside President Kenyatta for Africa to build forward better by financing a greener, more resilient, and prosperous continent that puts people in the driving seat,” said Verkooijen.
Further he cautioned that “The cost of action is not zero. Integrating resilience into agriculture and food systems in Sub-Saharan Africa will cost $15bn annually. But the cost of inaction is more than ten times more, estimated to be $200bn annually.”
President Kenyatta will address other global leaders during GCA’s Annual Meeting on June 16, which marks a key milestone ahead of the Africa Adaptation Finance Forum convened by GCA, AfDB and the African Union in September 2022.