World Bank Commits $22.5 billion at 3rd One Planet Summit

World Bank Commits $22.5 billion at 3rd One Planet Summit

  1. What is the big deal about 2019?

The IPCC’s recent 1.5C report highlighted the need for far greater climate action around the world, especially in Africa where the needs are greatest. Countries are now preparing to update their national climate action plans ahead of the UN’s 2020 climate conference. Later this year, the UNSG will host a major summit to drive greater ambition ahead of 2020.

A key moment to build momentum, is the third One Planet Summit, taking place on March 14 in Nairobi, Kenya. This brings together leaders from government and the private sector, entrepreneurs, donors, international organizations and other global stakeholders. Building on previous One Planet events (Paris, December 2017 and New York, September 2018), this third event will also highlight Africa’s climate leadership, with a particular focus on renewable energy, protecting biodiversity, and boosting adaptation and resilience.

  1. What is the World Bank Group doing at OPS?

As one of the co-hosts of the event, the Bank Group has been a key partner in the One Planet Summit series. Interim President Kristalina Georgieva will give a keynote speech at the high-level segment along with President Uhuru Kenyatta of Kenya, President Emmanuel Macron of France, and UN Deputy Secretary-General Amina Mohammed, reinforcing the Bank Group’s commitment to scale up its climate action in Africa.

The Bank Group is facilitating a number of sessions throughout the day: thematic panel discussions on major climate issues and opportunities for Africa; pitch hubs, which will showcase innovative projects; and closed-door deal rooms which will connect companies and policymakers on green initiatives in Africa. The Bank Group will also host Facebook Live interviews with Summit participants and delegates.

  1. What is the World Bank Group announcing at the Summit?
  • The Bank Group will provide $22.5 billion for Africa for climate adaptation and mitigation for the five years from 2021-2025. This more than doubles our commitment to climate-related projects over the last five years. This support builds on the ongoing Africa Climate Business Plan, which has already delivered 176 projects for climate-resilient development in Africa Read the press release here.
  • Recognizing that a number of countries in Africa are among the most vulnerable to global climate shocks and stresses, and in line with these new climate financing commitments and future direction of the Africa Climate Business Plan, more than half of $22.5 bilion financing will be devoted to supporting adaptation and resilience in Africa. That would amount to about $12-$12.5 billion over the five years 2021-2025.
  • This funding supports increasing adaptation and resilience to major climate impacts like catastrophic floods, droughts, water scarcity, coastal erosion as well as preparing countries for a low carbon sustainable future.
  • An Emission Reductions Purchase Agreement (ERPA) will be signed between the World Bank – as trustee of the Carbon Initiative for Development (Ci-Dev)trust fund – and Kenya Tea Development Agency Power Company Ltd. (KTDA Power). The contract is slated to purchase carbon credits from small hydropower plants thatprovide power to 350,000 smallholder tea farmers and 39 of their regional tea factories in Kenya. The new ERPA brings the Ci-Dev portfolio to more than $73 million in implementation.
  • The World Bank will scale up engagement with Rwanda and Kenya on their nationally determined contributions (NDCs). The World Bank, under the framework of the NDC Partnership, and with generous support from Germany’s BMZ, will carry out NDC intensive engagements with Rwanda and Kenya.