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World Bank Doubles Pledge to Climate Efforts in Africa

Bloomberg logo Bloomberg 2019-03-14 Adelaide Changole
a tree next to a brick wall: LODWAR, KENYA - NOVEMBER 09: A young boy from the remote Turkana tribe in Northern Kenya stands on a dried up river bed on November 9, 2009 near Lodwar, Kenya. Over 23 million people across East Africa are facing a critical shortage of water and food, a situation made worse by climate change. The traditional nomadic life of the pastoralist is coming under increasing pressure in northern Kenya from repeated droughts and political marginalisation. As a result, communities are forced to settle near the remaining water sources, overburdening the scarce reserves. Oxfam are responding to this crisis with a programme of water and food aid, distributed through relief centres in the region. (Photo by Christopher Furlong/Getty Images) © Photographer: Christopher Furlong/Getty Images Europe LODWAR, KENYA - NOVEMBER 09: A young boy from the remote Turkana tribe in Northern Kenya stands on a dried up river bed on November 9, 2009 near Lodwar, Kenya. Over 23 million people across East Africa are facing a critical shortage of water and food, a situation made worse by climate change. The traditional nomadic life of the pastoralist is coming under increasing pressure in northern Kenya from repeated droughts and political marginalisation. As a result, communities are forced to settle near the remaining water sources, overburdening the scarce reserves. Oxfam are responding to this crisis with a programme of water and food aid, distributed through relief centres in the region. (Photo by Christopher Furlong/Getty Images)

(Bloomberg) -- The World Bank will more than double its commitment to climate adaptation and mitigation in Africa over the next five years to $22.5 billion.

“This region is particularly vulnerable to increasing floods, droughts and destructive storms,” World Bank Group Interim President Kristalina Georgieva said in an emailed statement Wednesday. “We have to do more and do it faster, or millions of people could be plunged into poverty” due to the effects of climate change.

Despite contributing 4 percent of the global greenhouse-gas emissions, more than 65 percent of the continent’s population is directly impacted by climate change, according to the United Nations Economic Commission for Africa.

Georgieva is in Kenya’s capital, Nairobi, for the One Planet Summit that’s convened by Kenyan President Uhuru Kenyatta, French President Emmanuel Macron and Amina Mohammed, deputy secretary-general of the United Nations and a former Nigerian environment minister.

The World Bank and KTDA Power Co., a unit of Kenya Tea Development Agency Ltd. will on Thursday sign an emission-reduction purchase agreement to buy carbon credits from smaller hydropower plants.

To contact the reporter on this story: Adelaide Changole in Nairobi at achangole2@bloomberg.net

To contact the editors responsible for this story: David Malingha at dmalingha@bloomberg.net, Rene Vollgraaff, Ana Monteiro

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