Climate change would provide opportunities for Africa worth $3 trillion by 2030,the President of African Development Bank ,Dr. Akinwumi A. Adesina has said.

He spoke at a  hybrid forum was convened by Portugal and the European Investment Bank to mobilize private and public capital towards the green transition in Africa.

He urged investors to take advantage of the opportunities climate change would present Africa,adding that African Development Bank is in the vanguard of investment in climate adaptation.

He,however,said over 70% of the financing needed will need to come from the private sector to complement public investments.

“The private sector, especially small and medium-sized enterprises, is critical in mitigating climate change and implementing adaptation methods. This calls for innovative approaches to attract and steer financial flows toward low carbon and climate resilient development,” Adesina said.

A greener Africa must also focus on the circular economy, in which waste can be recycled and turned into wealth.

 For example, a new plastic recycling plant in Ghana has already created 2,300 green jobs, while converting food waste into organic fertilisers will increase the circularity of the food systems, Adesina said.

Adesina,who commended  the European Commission’s External Investment Plan, said the bank  looks forward to building a strong partnership with the commission to deliver more in the context of the new EU strategy with Africa.

“Africa is already green. Africa just needs to get greener. What is needed now is more euros to back Africa’s green growth. Think about the tremendous green investment opportunities available today and many more that will emerge into the future. Think differently, think Africa,” he said.

He identified energy, agriculture and infrastructure as key areas of investment potential for a post-Covid-19 recovery in Africa.

With abundant solar, wind, hydro and geothermal energy resources, Africa’s energy transition alone presents a $100 billion per year investment opportunity, he said.Agriculture potentially offers massive investments in climate-smart crops to build more resilient food systems. And climate-resilient infrastructure offers investment potential of between $130 billion and $170 billion, Adesina said in a video address.