The World Bank says it will spend $22.5bn over five years from 2021 to help Africa tackle the dangers posed by climate change.
Bank interim president Kristalina Georgieva told BBC Africa TV’s Money Daily programme that Africa remains vulnerable to the effects of climate change through prolonged drought, floods and destructive storms.
“Unless we make Africa more resilient, we will see by 2030, 100 million people more falling into poverty rather than being pulled out of poverty,” she said.
Ms Georgieva said the World Bank had also stepped up its efforts to mobilize investments in renewable energy such as solar, which contributes just 1.5% of the continent’s electricity needs.
The World Bank’s commitment comes ahead of the One Planet Summit that opens in Kenya’s capital, Nairobi, today.
It is co-hosted by French President Emmanuel Macron and Kenya’s Uhuru Kenyatta and brings governments, private sector and civil society groups together to address environmental challenges.
Africa contributes only 4% to global CO2 emissions but bears some of the most severe consequences of global warming, according to BBC.