Doubling Down on Adaptation – AAAP Country Compacts to Drive Climate Finance into Africa

N airobi, Kenya, 5 September 2023 – Africa stands to lose up to US$6 trillion in economic benefits by 2035 without sustained scaling of adaptation finance on the continent according to new research published today. The CEO of the Global Center on Adaptation (GCA), Professor Patrick Verkooijen, and the President of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina, announced the creation of the Africa Adaptation Acceleration Program (AAAP) Country Compacts to address this financing gap at the Africa Climate Summit during the Leaders’ Dialogue on Adaptation, co-hosted with William Ruto, President of Kenya. The Leaders’ Dialogue resulted in a High-Level Communique in which African leaders confirmed adaptation is the climate priority for the continent and launched seven AAAP Country Compacts to drive the doubling down and scaling of adaptation action across the world’s most vulnerable continent.
 
The AAAP Country Compacts are country-led investment roadmaps that outline adaptation investment priorities, financing needs, and finance mobilization strategies for implementing climate adaptation measures. The investment plans serve as an ambitious, coordinated, country-driven approach to connect the priorities outlined in National Adaptation Plans and other national strategies with investment programs and increased finance from development partners and the private sector.

GCA CEO, Professor Patrick Verkooijen emphasized that: “Business as usual will not work. At the current rate of progress Africa will receive less than one-tenth of the critical investment that is required to transform food systems and to build climate resilient cities and infrastructure. The AAAP Climate Adaptation Country Compacts are a necessary tool to mainstream climate adaptation into all economic sectors and in the planning and finance processes of every government in Africa. These investments are vital not just to protect people from climate change but to drive economic growth and prosperity for future generations.”

Heads of state and government from seven African countries formally launched the AAAP Climate Adaptation Country Compacts with financing and development partners, including representatives of the private sector, at the Leaders’ Dialogue on Adaptation at the Africa Climate Summit. These Compacts mark a critical milestone as countries aim to secure concrete outcomes at COP28 in December. GCA and the African Development Bank have committed to working with more countries to develop these investment roadmaps and to facilitate country and regional investment forums.
 
8th Secretary-General and Chair of the Global Center on Adaptation Ban Ki-moon said:
“We are in a race against time. We cannot afford to fall and we cannot afford to fail. The international community has committed to doubling adaptation finance by 2025. Now there is a goal and the opportunity to transform the level of adaptation finance for Africa building on the Bridgetown Agenda. I welcome the launch of these Compacts at this Summit. They are a vital country led tool that will support AAAP, the world’s most ambitious adaptation plan.”

Dr Akinwumi Adesina, President of the African Development Bank billed the Compacts as a new business model for turning climate adaptation priorities identified in a country’s Nationally Determined Contributions into investable projects and said:
“Africa is not getting the resources it needs to adapt to climate change. Climate Adaptation Compacts provide a framework that is clear, transparent and accountable for delivering the money. We want to have an African Climate Investment Forum that focuses just on that. Our people expect results and we have to deliver on those results.”

Macky Sall, President of the Republic of Senegal said:
“Adaptation is an absolute priority, number one priority for Africa. It is evident the continent is the most vulnerable to climate change. We are confronting constant danger due to extreme meteorological conditions. AAAP has given impressive results, I believe in AAAP”.

Samia Suluhu Hassan, President of Tanzania said:
“The total cost for our AAAP Climate Adaptation Compact is USD$9.9 billion in the coming three years. My government is ready to work with you in asking for these funds from various sectors – the private sector, international community – we are ready to work with you. We use this Summit to launch our AAAP Climate Adaptation Country Compact”

Sahle-Work Zewde, President of Ethiopia said:
“With the criticality and scale of Africa’s adaptation needs, it’s important we work together with international partners and financing partners. I’m glad to see the cause of adaptation is increasing, particularly through AAAP. The program is doing its part to mobilize adaptation financing through mainstreaming adaptation in pipelines and programs. The AAAP Climate Adaptation Country Compacts are bankable opportunities that our partners can invest in. They are investable business opportunities an provide a viable roadmap. As we head towards COP28 these adaptation compacts will hope provide the basis to accelerate financing commitments.”

Anne Beathe Tvinnereim, Minister of International Development, Kingdom of Norway, the largest supporter to AAAP said:
“We all have to deliver, deliver to gain the trust on the work we are doing on the climate issue. Money and documents, that’s not the goal. The goal is action on the ground – that’s what adaptation is all about. I call on everyone to standby our commitments and increase investments in adaptation, food production and resilience.”

Sigrid Kaag, Minister of Finance, Kingdom of the Netherlands said:
“We need to rechannel the SDRs, we need to look at debt relief. We need to consider a lot of the important elements of the Bridgetown Initiative. Adaptation without finance is just not a credible conversation.

Huang Rumqui, Environment Minister, People’s Repbulic of China said:
“I call for the international community to provide financial support for African countries, as developing countries are the main victims of climate change and they have invested huge domestic resources in climate change.”

The Climate Adaptation Country Compacts, in support of the Africa Adaptation Acceleration Program (AAAP), bring together two financing mechanisms endorsed by the African Union to mobilize $25 billion for adaptation in Africa by 2025. The AAAP Upstream Financing Facility hosted by GCA has already influenced more than $5.4 billion in upstream investments to strengthen resilience for up to 35 million people and generate 630,000 jobs by supporting the implementation of adaptation activities across Africa. The AfDB administers the second financing mechanism through the climate set aside under the ADF-16 replenishment, which builds on the AfDB’s commitment to finance $12.5 billion of adaptation programs – half of the AAAP investment target.

Notes to Editors
About the Global Center on Adaptation (GCA)
The Global Center on Adaptation (GCA) is an international organization that works as a solutions broker to accelerate action and support for adaptation solutions, from the international to the local, in partnership with the public and private sectors. Founded in 2018, GCA operates from largest floating office in the world, located in Rotterdam, the Netherlands. GCA has a worldwide network of regional offices in Abidjan, Cote d’Ivoire; Dhaka, Bangladesh, and Beijing, China.
 

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