AFRICA CLIMATE SUMMIT

Africa Adaptation Acceleration Program Partnership Forum Working Lunch: Scaling Investments for Adaptation Financing

In partnership with the African Development Bank, GCA is convening the Africa Adaptation Acceleration Program Partnership Forum 2023 with the objective of showcasing the results of the AAAP and its role in closing the adaptation financing gap for Africa through key partnerships

Event description

The Africa Adaptation Acceleration Program (AAAP) is Africa’s response to the impacts of the climate crisis. Jointly led by the Global Center on Adaptation (GCA) and the African Development Bank (AfDB), and endorsed by the African Union, the AAAP is mobilizing US$25 billion by 2025 for climate adaptation investments in Africa to implement the political vision of the Africa Adaptation Initiative (AAI). 

Ahead of COP28, scaling finance for adaptation action is more pertinent in the wake of calls for a reformed and more climate-resilient global financial architecture. Climate finance flows to Africa remain significantly lower than the continent’s adaptation and mitigation needs, with the continent having received less than 3% of climate finance mobilized globally. At the current trajectory, the continent experiences a climate finance gap of up to $1288.2 billion annually from 2020 to 2030. Adaptation finance in particular is critical as every dollar invested in adaptation has been seen to yield a return of $2 to $12. 

The AAAP is supporting the effort to scale up finance for adaptation action through the delivery of tailored, country-owned Climate Adaptation Investment Compacts, which will link policy priorities to investment, increasing adaptation finance flows across the continent. These Compacts will provide individual African countries with a clear basis for decision-making, resource allocation, and investments in their adaptation projects and programs. 

Within this context, the AAAP Partnership Forum will showcase the results of the Program and allow stakeholders to exchange on the Adaptation Investment Compacts to be launched at the Africa Climate Summit. 
 
In partnership with the African Development Bank, GCA is convening the Africa Adaptation Acceleration Program Partnership Forum 2023 with the objective of showcasing the results of the AAAP and its role in closing the adaptation financing gap for Africa through key partnerships.

PROGRAM

Keynote Remarks:

• Prof. Dr. Patrick Verkooijen, CEO, Global Center on Adaptation 
• Dr. Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, African Development Bank 

Special Guest of Honor

• H.E. Ban Ki-moon, 8th Secretary General of the United Nations, Chair of GCA

High Level Deep Dive: The AAAP and key successes

• Dr. Ede Ijasz-Vasquez, GCA Senior Advisor 
• Prof. Thuita Thenya, Director, Wangari Maathai Institute 

Adaptation Compacts Roundtable
Discussants:

• Paul Russo, Chief Executive Officer, Kenya Commercial Bank Group
• Dr. Richard Muyungi, Climate Envoy & Advisor to the President, Climate Change and Environment, Republic of Tanzania 
• Chido Mpemba, African Union Youth Envoy 
• Bridget Gainer, Global Head, Public Affairs and Policy, Aon 
• Dr. Mithika M.J. Mwenda, Executive Director, Pan African Climate Justice Alliance (PACJA)

Participant remarks

Launch of AAAP Call for Partnerships 
Memorandum of Understanding Signing ceremony with the Sokoine University of Agriculture National Carbon Monitoring Centre, Tanzania 

Closing

• Dr. Ede Ijasz-Vasquez, GCA Senior Advisor