African Development Bank and KEITI pledge to use climate mitigation technologies in Africa
The focus of the multilateral meeting between African and Korean members was on agriculture and energy, issues of high concern for the continent.
On Wednesday, September 20, the African Development Bank (AfDB) and the Korea Environmental Industry and Technology Institute (KEITI), which develop climate-friendly technologies and research, agreed to join forces to increase the availability of and investment in environmentally friendly machinery. They reached this agreement during the 7th edition of the KOAFEC Ministerial Conference, held in Busan, Korea, from September 12 to 15.
Korea will exchange technology, expertise, and information with the member countries of the AfDB as part of their flourishing relationship since the Asian government pledged to direct $600 million into energy investments in 2021. In addition to Korea’s assistance in identifying and developing environmentally beneficial initiatives, they also agreed to boost the African nation’s development agendas with over $28 million on Wednesday.
Why does it matter?
The recently published African Economic Outlook 2023 highlights various issues, from multiple economic shocks due to the COVID-19 pandemic and the conflict in Ukraine to environmental vulnerabilities and the adverse effects of climate change. Although the continent that pollutes the most diminutive relative to population (based on 2023 research by Our World in Data), it is home to 8 out of 10 climate-vulnerable countries. Access to the machinery and the information to create climate-resilient tech, especially from one of the most technologically advanced countries, is essential to Africa’s sustainability.