Africa’s Economic Resilience Declared “Cornerstone of Global Financial Stability” at High-Level Dialogue Hosted by GCA, AfDB, Kenya and Norway
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ashington, DC, 24 April 2025 – On the margins of the 2025 Spring Meetings of the International Monetary Fund (IMF) and World Bank Group, the Global Center on Adaptation (GCA), in partnership with the Governments of Kenya and Norway and the African Development Bank (AfDB), convened a High-Level Dinner Dialogue under the theme “Resilient Economies – Africa.” The closed-door gathering brought together thirty ministers, multilateral leaders, and senior officials to strategize on climate adaptation and economic resilience in Africa amid escalating global uncertainties.
The Dialogue underscored that Africa’s economic resilience is not just a regional priority but a global imperative—a cornerstone of financial stability in an era marked by climate shocks, debt stress, and shifting geopolitical currents.
Africa contributes less than 4% of global greenhouse gas emissions, yet it is home to 17 of the 20 most climate-vulnerable countries in the world. Without urgent adaptation, climate change could cost African economies up to 15% of GDP annually by 2030. Investing in adaptation delivers among the highest returns in development finance—up to $10 in benefits for every $1-$2 invested.
Professor Patrick Verkooijen, President and CEO of the Global Center on Adaptation, stated: “Adaptation is not charity—it is economic policy. It is about protecting investments, generating jobs, and unleashing Africa’s economic promise. The success of the Africa Adaptation Acceleration Program is proof that when we put adaptation at the center, we unlock growth, stability, and hope.”
Participants hailed the Resilience and Sustainability Facility (RSF) of the IMF and the Africa Adaptation Acceleration Program (AAAP) as crucial innovations in climate finance. The Africa Adaptation Acceleration Program (AAAP), spearheaded by GCA and the AfDB, has already mainstreamed climate adaptation across $16 billion in development financing spanning 68 projects in 40 countries. TheIMF’s Resilience and Sustainability Facility (RSF) has approved US$7.7 billion for 13 African countries, supporting long-term structural reforms to enhance climate and economic resilience.
Dr. Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth at the AfDB, emphasized the need to double down on delivery: “With nearly $17 billion mobilized so far, the AAAP is transforming Africa’s development trajectory. The call to elevate AAAP to a $50 billion initiative through 2030 is bold—and necessary. We’re proud to stand with GCA and others in making that vision real.”
Scaling for the Future
As Africa prepares to host major events like the second Africa Climate Summit in Ethiopia, the upcoming AfDB Annual Meetings in Côte d’Ivoire, the South Africa G20 Presidency, in a communique issued after the dinner participants endorsed an ambitious next phase of the Africa Adaptation Acceleration Program, AAAP 2.0, with a proposed funding target of $50 billion between 2026–2030.
H.E. Åsmund Grøver Aukrust, Minister of International Development of Norway, noted that: “Africa’s adaptation efforts are vital not only for the continent’s stability, but for the world’s economic future. Norway is committed to scaling finance for resilience, supporting locally-led adaptation, and championing African leadership in global fora. As the international community prepares for COP30 in Belém, we must rally around initiatives like the AAAP that are delivering real results and shaping a more secure, climate-resilient future.”
The event also marked the momentum behind the GCA’s new dual headquarters in Nairobi, a signal of Africa’s leadership in the global adaptation agenda.
Notes to Editors
About the Global Center on Adaptation
The Global Center on Adaptation (GCA) is an international organization that promotes adaptation to the impacts of climate change. It works to climate-proof development by instigating policy reforms and influencing investments made by international financial institutions and the private sector. The goal is to bring climate adaptation to the forefront of the global fight against climate change and ensure that it remains prominent.
Founded in 2018, GCA embodies innovation in its approach to climate adaptation as well as in its physical presence. It operates from the largest floating office in the world, in Rotterdam, the Netherlands. GCA has a worldwide network of regional offices in Abidjan, Côte d’Ivoire; Dhaka, Bangladesh; and Beijing, China. The Center will open a new office in Nairobi, Kenya in 2025.
