African Development Bank (AfDB)Group President Dr. Akinwumi A. Adesina has emphasised the critical need for significantly increased financing to meet the Sustainable Development Goals (SDGs).

Speaking at the Islamic Development Bank’s 50th anniversary celebrations in Riyadh, he highlighted a growing annual financial shortfall of $4 trillion, a gap that threatens to derail efforts to achieve the SDGs by 2030.

Adesina addressed a distinguished audience including high-level officials, financial leaders and private sector representatives gathered to mark the occasion.

The session focused on assessing the financial strategies essential for advancing global development amidst a landscape marked by economic instability and escalating environmental challenges.

African Development Bank President said the current annual gap of $4 trillion, up from $2.5 trillion in 2015, has been propelled by recent global economic pressures and the lingering impacts of the Covid-19 pandemic.

He detailed the critical role of multilateral development banks in addressing these needs through increased collaboration and innovative financial solutions.

Adesina, also spotlighted the African Development Bank’s strategic High 5 program as a cornerstone for progress, as underscored by an independent analysis by the United Nations Development Program.

The High 5s—namely; Light Up and Power Africa; Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—are not just ambitious goals but a strategic blueprint for the continent.

Achieving these High 5s, he pointed out, would mean accomplishing nearly 90% of the Sustainable Development Goals for Africa. In this regard, Adesina highlighted five core areas where immediate action and innovative funding are crucial: Climate change, food security, energy access, health security, and mobilising more resources for SDGs.

The African Development Bank president Adesina described climate change as the most significant challenge to achieving the SDGs, detailing the devastation it brings to economies through droughts, floods, and cyclones. Africa is the worst affected region in the world, yet it receives the least in terms of climate financing. “Africa will need $277 billion per year to address climate change, yet it receives only $30 billion annually.”