Tag: Azerbaijan

Multilateral development banks on Monday reaffirmed their commitment to climate finance, pledging to scale up innovative funding to boost climate adaptation and resilience.

"Financing climate resilience is not a cost, but an investment." This was the key message from senior MDB officials at the end of a side event organised by the Climate Investment Funds (CIF) on the opening day of the 30^th United Nations Climate Conference (COP30) in Belém, Brazil. The conference runs from 10 to 21 November.

During a panel discussion titled "Accelerating large-scale climate change adaptation,” MDB representatives, including the African Development Bank Group, outlined how their institutions are fulfilling Paris Agreement commitments by mobilising substantial and innovative resources for climate adaptation and mitigation.

Climate resilience: an investment opportunity

Ilan Goldfajn, President of the Inter-American Development Bank Group, emphasised that "resilience is more than a concern for the future: it is also essential for development today." He announced that MDBs are tripling their financing for resilience over the next decade, targeting $42 billion by 2030.

"At the Inter-American Development Bank, we are turning preparedness into protection and resilience into opportunity," Goldfajn added.

Tanja Faller, Director of Technical Evaluation and Monitoring at the Council of Europe Development Bank, stressed that climate change "not only creates new threats, but also amplifies existing inequalities. The most socially vulnerable people are the hardest hit and the last to recover. This is how a climate crisis also becomes a social crisis."

Representatives from the Islamic Development Bank, the Asian Infrastructure Investment Bank, the Asian Development Bank, the World Bank Group, the European Bank for Reconstruction and Development,  the European Investment Bank, the New Development Bank and IDB Invest (the private sector arm of the Inter-American Development Bank Group) also shared concrete examples of successful adaptation investments and strategies for mobilising new resources.

The African Development Bank leads by example

Kevin Kariuki, Vice President of the African Development Bank Group in charge of Power, Energy, Climate and Green Growth, presented the Bank's leadership in advancing climate adaptation and mitigation. "At the African Development Bank, we understand the priorities of our countries: adaptation and mitigation are at the heart of our climate interventions."

He highlighted the creation of the Climate Action Window, a new financing mechanism under the African Development Fund, the Bank Group's concessional window for low-income countries.

"The African Development Bank is the only multilateral development bank with a portfolio of adaptation projects ready for investment through the Climate Action Window," Kariuki noted, adding that Germany, the United Kingdom and Switzerland are among key co-financing partners.

Kariuki also showcased the Bank's YouthADAPT programme, which has invested $5.4 million in 41 youth-led enterprises across 20 African countries, generating more than 10,000 jobs -- 61 percent of which are led by women, and mobilising an additional $7 million in private and donor funding.

Representatives from Zambia, Mozambique and Jamaica also shared local perspectives on the financing needs of communities most exposed to climate risk.

Lula launches his COP in the Amazon

The panel followed the official opening of COP30, marked by a passionate appeal from Brazilian President Luiz Inácio Lula da Silva for greater climate investment to prevent a "tragedy for humanity."

"Without the Paris Agreement, we would see a 4–5°C increase in global temperatures," Lula warned. “Our call to action is based on three pillars: honouring commitments; accelerating public action with a roadmap enabling humanity to move away from fossil fuels and deforestation; and placing humanity at the heart of the climate action programme: thousands of people are living in poverty and deprivation as a result of climate change."

"The climate emergency is a crisis of inequality,” he continued. “We must build a future that is not doomed to tragedy. We must ensure that we live in a world where we can still dream."

Outgoing COP President Mukhtar Babayevn, Azerbaijan's Minister of Ecology, urged developed nations to fulfil their promises made at the Baku Conference, including commitments to mobilise $300 billion in climate finance. He called for stronger political will and multilateral cooperation, before handing over the COP presidency to Brazilian diplomat André Corrêa do Lago, who now leads the negotiations.

Media contact:
Romaric Ollo Hien,
Department of Communication and External Relations,
media@afdb.org

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The African Energy Chamber (AEC) (https://EnergyChamber.org/)– the voice of the African energy sector – will embark on a working visit to Senegal on 12-14 November, aimed at strengthening partnerships, attracting new investment and supporting the continued growth of the regional energy sector. Led by Executive Chairman NJ Ayuk, the AEC will engage in meetings with senior government officials, regulators and private sector leaders, exploring new avenues for collaboration and spotlighting emerging investment opportunities across the broader MSGBC energy industry.  

The working visit comes ahead of the MSGBC Oil, Gas & Power 2025 Conference – taking place in Dakar, Senegal from December 8-10. Held under the patronage of Bassirou Diomaye Faye, President of the Republic of Senegal, the event unites global investors and regional governments, facilitating capital and technology transfer and creating synergies for inclusive economic development. By showcasing project milestones, offering insight into policy reforms and outlining emerging investment opportunities in oil, gas renewable energy and mining, the event affirms the MSGBC region's position as a hub for energy and mineral development.  

The MSGBC region is entering a period of significant transformation, fueled by the start of offshore hydrocarbon projects and the rise in new exploration and production opportunities. Senegal has been at the forefront of this transformation, with the start of the Sangomar oilfield development in 2024 and the Greater Tortue Ahmeyim (GTA) LNG project in 2025. The country is now looking toward GTA phase two while seeking partners to advance the Yakaar-Teranga gas project. To further support investment, the country announced that it is reviewing its oil and gas codes ahead of MSGBC Oil, Gas & Power 2025, with revisions focusing on transparency, local content and ensuring revenues benefit Senegalese citizens.  

“Senegal represents one of Africa's most promising energy success stories. From world-class gas developments to bold energy transition policies, the country is setting a benchmark for how to attract investment, create local opportunities and foster inclusive growth. Through our working visit, we aim to deepen collaboration with Senegalese partners and ensure that the MSGBC region continues to be a driving force in shaping Africa's energy future,” said NJ Ayuk, Executive Chairman of the AEC.  

The MSGBC region's energy opportunities transcend Senegal, with regional neighbors making a strong play for energy investment. On the back of the start of production at GTA, Mauritania is turning towards the next phase of its energy development, seeking foreign investment in gas projects while advancing green hydrogen developments. The country is currently seeking partners to advance the development of the BirAllah gas project, home to an estimated 80 trillion cubic feet of reserves, and has recently launched a tender for the development of a 230 MW gas-to-power project. By 2040, the country aims to produce up to 10 million tons of green hydrogen per year, with advancements underway at the 30 GW AMAN and 10 GW Project Nour developments.  

Guinea Bissau is also making a play for oil and gas discoveries, with energy major Chevron recently securing operatorship of two oil exploration blocks. The company gains a stake in Blocks 5B and 6B, with plans to leverage existing seismic data to assess options for testing the petroleum system. The country is also working towards improving oil and gas legislation, with a cooperation agreement signed with Azerbaijan in place. Guinea Conakry is finalizing terms for a 22-block licensing round under efforts to attract investment in frontier exploration blocks. While the country is not yet a producer of oil and gas, efforts are underway to turn this trend around. The establishment of a National Seismic Data Visualization Center in partnership with SLB and TGS supports exploration by de-risking and incentivizing drilling.  

Meanwhile, The Gambia is in the process of establishing a new petroleum exploration, development and production bill, striving to enhance transparency and entice spending. These efforts not only strengthen the region's investment attractiveness but affirm its position as a rising player in global oil and gas markets. The AEC's working visit will not only spotlight Senegalese energy opportunities but the broader MSGBC region. By facilitating dialogue between policymakers and investors, the visit – and upcoming MGSBC conference – will advance energy projects by encouraging new entries into the regional market.