The Zero coalition calls on the Bank for increased transparency concerning the disclosure of possible and impending investments. This much-needed improvement in transparency gives public citizens a chance to voice their opinions on investments that threaten their well-being and quality of life, and allows the AfDB to explore alternative options to development. Furthermore, the campaign calls on the Bank to disclose and share the greenhouse gas (GHG) emissions data for the projects and portfolios it supports.
This will send a strong message to potential investors and policymakers of the importance of decoupling Africa’s growth and development from GHG emissions.
All African countries have endorsed the Paris Climate Agreement and the goal to limit global temperature increase to 1.5ºC above pre-industrial levels. In accordance with international reports, most notable the recent report by the Intergovernmental Panel on Climate Change (IPCC), African countries are among the most vulnerable countries to climate change.
The IPCC report also warns of the devastating impacts of warming beyond 1.5ºC. As temperatures continue rising, Africans will experience catastrophic impacts related to climate change.
“The costs of this damage, including increased civil unrest, migration and destruction of infrastructure, will require significant funding to ensure the wellbeing of African lives – and it becomes the responsibility of the region’s governments and public institutions, like the AfDB, to lead the world by example towards demonstrable and marked reduction in emissions,” says Rodel.
While the AfDB claims to support the shift to renewable energy, it is unfortunate that the Bank’s energy portfolio still consists of more than 45% of fossil fuels investments from coal, oil and gas. This stands in contrast to the 100% renewable energy vision of the Climate Vulnerable Forum, of which many African countries are a member.
“We are sure that AfDB can offer more support for this important endeavour which will lead to rapid advancement and support energy players on the African continent to shift to renewable energy projects. The transformation will inevitably begin by using a robust methodology to comprehensively measure and report emissions from its portfolio, including emissions from non-energy sectors and financial intermediaries,” concludes Michael David Terungwa, Climate Reality Leader and founder of Global Initiative for Food Security and Ecosystem Preservation (GIFSEP).