The President of the African Development Bank Group, Dr. Akinwumi A. Adesina in a speech he delivered at the Islamic Development Bank’s 50th-anniversary celebration in Riyadh, Saudi Arabia has addressed five issues, which he believes will meet the Sustainable Development Goals (SDGs) by 2030.
These are the issues:
Climate Change Threatens Progress: Adesina highlighted climate change as the biggest threat to achieving the SDGs. He stressed the need for developed countries to provide grants, not loans, to developing nations facing the brunt of climate devastation. The African Development Bank’s commitment to raise $25 billion for climate adaptation by 2025 and its multi-pronged approach, including climate-debt clauses and the African Adaptation Acceleration Program, were showcased.
Food Security and Energy Access Remain Critical: Food price inflation due to geopolitical tensions and disrupted supply chains poses a significant challenge. Adesina emphasized the African Development Bank’s $25 billion commitment to support Africa’s goal of self-sufficiency by 2030. He also highlighted the success of the Technologies for African Agricultural Transformation (TAAT) program in delivering climate-resilient crops.
On the energy front, Adesina announced a joint commitment with the World Bank to provide electricity access to 300 million Africans by 2030. He emphasized unlocking Africa’s renewable energy potential while acknowledging the importance of natural gas for grid stability and clean cooking solutions.
Health Security and Financing Gaps: The need for increased financing to address Africa’s health infrastructure gap ($4.5 billion annually compared to a $25 billion need) and improve access to pharmaceuticals and vaccines was underscored. Adesina highlighted the African Development Bank’s $3 billion investment in health infrastructure and pharmaceutical development, including the Africa Pharmaceutical Technology Foundation.
Mobilizing Resources and Scaling Up Solutions: Adesina called for increased concessional financing from multilateral development banks and a doubling of the African Development Fund’s replenishment to $25 billion. He proposed leveraging the vast resources of global institutional investors and highlighted the African Development Bank’s issuance of a landmark $750 million hybrid capital instrument as a way to accelerate lending.
Global Action Needed: Adesina urged full support for the UN Secretary-General’s call for a $500 billion annual SDG stimulus package. He called on developed nations to meet their 0.7% of gross national income target for official development assistance. The speech concluded with a call for reforms in global climate financing, faster debt resolution for heavily burdened countries, and a spirit of bold collaboration to achieve a better world for all by 2030.