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$81b Spent On Climate Change In 2015—Report

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climate change

A new report published by the African Development Bank (AfDB) says a total of $81 billion was mobilized for projects funded by the world’s six largest multilateral development banks (MDBs) in 2015 to fight climate change.

The report further pointed out that this included $25 billion of MDBs’ direct climate finance, combined with a further $56 billion from other investors.

The latest MDB climate finance figures are detailed in the 2015 Joint Report on Multilateral Development Banks’ Climate Finance, prepared by the Asian Development Bank (ADB) together with MDB partners: the AfDB, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDBG), and the World Bank Group (WBG).

This important contribution to the global climate change challenge was reinforced last year by pledges from all of the MDBs to significantly increase their climate finance in the coming years. They made these pledges in the run up to the COP21 Paris Agreement, the world’s first universal climate accord adopted in December last year by 195 countries, the report said.

The report covers the 2015 year and shows that MDBs delivered over $20 billion for mitigation activities and $5 billion for adaptation.

Mitigation activities involve the reduction of greenhouse gas emissions through energy efficiency measures and the use of clean, renewable energy sources, while adaptation measures reduce climate vulnerability and increase resilience to climate change through, for example, investing in climate-resilient land-use and water resource management. Since 2011, MDBs have jointly committed more than $131 billion in climate finance.

Among the regions, non-European Union (EU) Europe and Central Asia received the largest share of total funding at 20%; with South Asia receiving 19%; Latin America and the Caribbean 15%; East Asia and the Pacific 14%; the EU 13%; Sub-Saharan Africa 9%; and the Middle East and North Africa 9%. Multi-regional commitments made up the other 2% of the total.

On a sectorial basis, the largest recipient of adaptation funding was for water and wastewater systems (27%), followed by energy, transport and related infrastructure (24%), and crop and food production (18%). Renewable energy received the bulk of mitigation finance (30%), lower-carbon transport received 26%, and energy efficiency activities 14%.

In Africa, where basic energy services remain scarce region-wide, countries are increasingly working to develop their substantial renewable resources to help reverse this trend. To support these efforts, in 2015 AfDB has provided $905 million of its own resources in climate change mitigation finance, backed by $58 million in external resources. As African countries also look to increase their resilience against climate impacts, particularly in the forestry, agriculture and land use sectors, AfDB has provided $305 million of its own resources, bolstered by $91 million in external funding, to support their adaptation efforts. The Bank is continuously looking for concrete ways to catalyze private sector engagement such as through equity financing, partial risk guarantees, and climate risk insurance.

“At AfDB, we believe that Africa stands at the threshold of an exponential shift in clean energy access, and that over the coming decades African citizens can benefit from a widespread increase in climate-friendly energy use and green development. We have set ambitious goals for our institution to help ensure this happens, supporting innovative projects in solar, wind, geothermal, and water,” said Alex Rugamba, Chair of the Bank’s Climate Change Coordination Committee (CCCC). “In line with our member countries’ requests in preparation of the Nationally Determined Contributions (NDCs) regime, we have particularly focused on institutional capacity building, increasing our support for technical assistance (TA) five-fold from seven projects to thirty-five projects in one year. As countries work to align their development goals with their pledged NDCs in the Paris Agreement, we believe this focus on strengthened capacity is an early signal of commitment to meet these goals. Going forward, this could be an important new area of engagement.”

Given the role of MDBs in catalyzing finance, the inclusion in this year’s report of a common tracking approach for climate co-financing is a significant step forward in making the reporting of climate finance flows more robust and transparent. MDBs have also been working closely together to harmonize reporting on greenhouse gas emissions and the use of proceeds from MDB green bonds.

Moving forward, the report notes that the MDBs will scale up climate finance activities across multiple sectors, in particular in renewable energy and energy efficiency; low-carbon and climate-resilient cities, regions and industries; low-carbon transport; natural resource efficiency; and climate-smart agriculture and food security. These efforts will help countries meet their commitments under the Paris Agreement, moving to a low-carbon, more resilient future.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Medar Boquete Becomes First Congolese to Receive Pushkin Medal

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Medar Boquete Pushkin Medal

By Kestér Kenn Klomegâh

November 2025, will go down in history as a significant date for the Democratic Republic of the Congo and the Free University of Kinshasa (ULK). During the official ceremony presenting state awards and prizes of the President of the Russian Federation in the Kremlin, Medar Bompoko Boquete, Chairman of the Executive Board of the Free University of Kinshasa (ULK), was awarded the Pushkin Medal, becoming the first Congolese to receive this prestigious award.

The Pushkin Medal, established in the Russian Federation, is one of the most renowned awards in the fields of culture, education, and the humanities. It is awarded to individuals who have made significant contributions to the development of cultural and educational ties with Russia, as well as to strengthening friendship and international cooperation. This award highlights the importance of academic, linguistic, and cultural exchanges in strengthening ties between Russia and African countries.

Medar Bompoko Boquete was recognized for his contribution to the promotion of the Russian language and culture at ULK, as well as for his active work in strengthening educational and cultural ties between the DR Congo and Russia. For several years, he has promoted student and faculty exchanges, scientific cooperation, and knowledge sharing between the countries, contributing to the international recognition of the DR Congo.

The ceremony, held as part of the National Unity Day celebrations, brought together distinguished Russian and international representatives. The awarding of the Pushkin Medal to an African scholar, and in particular the first Congolese, is a powerful symbol of intercultural dialogue and mutual respect between countries. It also demonstrates the key role of education and culture in strengthening diplomatic and social ties on the international stage.

Award Details:

Awardee: Medar Bompoko Boquete

Position: Chairman of the Executive Board, Free University of Kinshasa (ULK)

Award: Pushkin Medal

Reason for the Award: Contribution to strengthening cultural and educational unity and developing cultural ties between the DR Congo and Russia

Award Location: The Kremlin, Moscow, Russia

This official recognition from Russia is not only a personal honor for Medar Bompoko Boquete but also an important symbol for the DR Congo, demonstrating the country’s achievements in education, culture, and scientific cooperation. The award opens new opportunities for academic and cultural interaction between Congolese and Russian institutions and inspires future generations to develop similar initiatives.

The awarding of the Pushkin Medal to Medar Bompoko Boquete was a historic event in relations between the DR Congo and Russia and symbolizes the long-term strengthening of cultural and educational ties between the two countries.

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Amnesty International Calls for Internet Restoration as Crisis Grips Tanzania

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By Adedapo Adesanya

Human rights group, Amnesty International, has called for restoration of internet services following shutdown by Tanzanian authorities following the country’s general elections on October 29.

Authorities imposed nationwide internet restrictions on election day disrupting mobile data services and blocking access to social media platforms across major networks.

The October 29 vote handed President Samia Suluhu Hassan a second term with over 97 per cent of the votes.

She was sworn in after the disputed polls on Monday. Protests have since rocked the East African country.

On Monday November 3, Tanzanians reported partial resumption in some cities, but this has impacted the country’s economy, disrupting bank operations and communication.

In a statement, Amnesty International’s Deputy Director for East and Southern Africa, Mr Vongai Chikwanda, called for the return of full internet services in the country.

“For close to a week now, many people in Tanzania have suffered nationwide internet and electricity shutdowns. Amnesty International is particularly alarmed by reports that amidst the blackouts, security forces have used excessive force to suppress and disperse ongoing post-election protests, resulting in the deaths and injuries of protesters.

“This is the third time in less than a year that Tanzanian authorities have resorted to an internet blockade to silence dissenting voices. Authorities must immediately refrain from suppressing protests and instead respect, protect, and facilitate the right to peaceful assembly. They must immediately and unconditionally release all those arrested solely for exercising their right to peaceful assembly.”

So far, over 700 people have been reportedly killed by post-election violence in the East African nation.

The group said Tanzanian authorities should “promptly, thoroughly, independently, impartially, transparently and effectively investigate all killings by security agents and bring to justice in fair trials those suspected of being responsible.”

“Authorities must also provide victims and their families with access to justice and effective remedies,” it added.

“The authorities must also allow both local and international media to freely report on the human rights situation in the country and refrain from restricting access to information, both online and offline including by immediately restoring internet access and access to basic public services. The ongoing restrictions are making it difficult to verify information, and to document election-related human rights violations.”

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Russia-Africa Expo-2025: Spotlighting Africa’s Economic Potential for Russian Investors

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Louis Gouend

By Kestér Kenn Klomegâh

Designed as an investment and entrepreneurial platform, the ‘Russia-Africa Expo-2025. Made in Africa’ held in Moscow, in mid-October, attracted state officials, investors and business people from Africa and Russia who are highly-interested in mutually beneficial dialogue and developing business collaboration. Sharing the same platform, the participants tried to find answers to the critical questions including why do Russian entrepreneurs want to work on mega-projects with partners from Africa. For Africans, their concern was to export basic agricultural products, handmade crafts and artifacts to the Russian market from contemporary Africa. On the other side, Russians are increasingly in search of profitable businesses across the continent, amid renewed debates and narratives over Russia’s low economic representation in the African discourse. For decades, the continent’s stories have largely been filtered through external lenses—often highlighting Africa’s development progress especially transforming as the last frontier with an economic power.

According to the organizers, ‘Russia-Africa Expo 2025. Made in Africa’ was a unique space to foster economic and commercial exchanges. The organizers described it as “the solid platform for entrepreneurs to deliberate business collaborations, expertise and innovations, and to transform ideas into tangible opportunities for both Russian and African entrepreneurs.” It was the second edition of Russia-Africa Expo, aimed at promoting the continent’s economic influence and, at least, to project the exceptional visibility by African and diaspora actors. In this exclusive interview, Louis Gouend, Founder and Chief Executive of African Business Club (ABC) and Chairman of the Commission for Work with African Diasporas of the Russian-African Club of Moscow State University named after M.V. Lomonosov, discussed the main results of the week-long corporate entrepreneurial gathering and hightlighted Russia’s comparative stakes and perspectives with African partners. Here are the interview excerpts:

How confident are Russian investors in developing the African market in the current geopolitical environment?

Russian business confidence in working with Africa has reached a qualitatively new level. Whereas previously these were fruitless attempts at market exploration, today we see a fully formed strategy. More than 200 Russian companies represented at the Russia-Africa Expo-2025 forum, not only from the raw materials sector, but also from IT, pharmaceuticals, agriculture, and education.

Key indicator: at the financial instruments session, Payment Agent A7 and representatives of the Russian Export Center (REC)presented specific products for the African market with state guarantees. These aren’t just words – this year alone, the volume of transactions through these mechanisms has grown by 40%. Russian entrepreneurs understand that Western sanctions have created a unique window of opportunity to reshape relations with Africa.

How are trade and economic relations developing after the two Russia-Africa summits?

We have gone from political declarations to concrete projects. Trade turnover reached $23 billion last year, but its structure is more important: while grain and fertilizer accounted for 80% of the total last year, today the share of machinery and equipment (15%), IT solutions (7%), and educational services is rapidly growing.

After Expo-2025, we clearly identify three trends:

– Diversification: from raw materials to technologies and joint ventures

– Localization: establishing assembly plants and distribution centers in Africa

– Financial architecture: developing alternative payment systems

What are the prospects for African exporters in the Russian market?

The situation is changing dramatically. At the “Made-in-Africa” ​​pitch session, 15 African companies signed memorandums of understanding on supplies to Russia. Ethiopian coffee suppliers plan to capture 5% of the Russian premium coffee market by 2026.

Russia is simplifying customs procedures for African products, according to a representative of the Ministry of Industry and Trade. By 2025, imports of African goods are expected to grow by 25%, particularly in the following categories:

– Coffee and cocoa

– Fruits and nuts

– Pharmaceutical raw materials

– Natural cosmetics

Which countries and industries were most significant in the discussions?

The most active countries were:

– Ethiopia: as a hub for East Africa (logistics, agribusiness)

– Nigeria: energy and IT

– Cameroon: agriculture, distribution, and culture

– Burkina Faso: medicine, fruit processing, and the film industry

– Côte d’Ivoire: fertilizers, cocoa, financial services, and culture

– Mali: education and development of Russian-African women’s entrepreneurship

– Rwanda: mining

– Gambia: pharmaceuticals, healthcare, and construction

Key areas of cooperation:

  1. Energy and mining – 35% of projects discussed
  2. Agribusiness and food security – 25%
  3. Digitalization and IT – 20%
  4. Education and training – 15%
  5. Pharmaceuticals and healthcare – 5%

What noticeable challenges remain, and what agreements have been reached?

Despite significant progress, systemic challenges remain. Key among these remain logistics infrastructure, the need to develop financial mechanisms adapted to current realities, and the importance of bridging the information gap between business communities.

Following the Russia-Africa Expo-2025, a qualitative shift in the approach to cooperation can be observed. Fundamental agreements were reached on the creation of new institutions for interaction designed to make cooperation systemic. A series of framework agreements and memoranda of understanding were signed between key players from the private and public sectors of both sides. These documents lay the foundation for the implementation of specific projects in priority sectors, such as agriculture, energy, digitalization, and personnel training.

The main outcome was not only the creation of a full-fledged partnership ecosystem, where joint working groups and development institutions will ensure the sustainability of cooperation in the long term, but also the creation of a new platform for ongoing communication between entrepreneurs from Russian and African small and medium-sized businesses.

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