TIME Magazine Honours African Development Bank’s Vice President for Climate Finance Achievements

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Johannesburg – In its second annual TIME100 Climate List, TIME Magazine has recognized Hassatou Diop N’Sele, the African Development Bank’s Vice President for Finance and Chief Financial Officer, as a pioneering force in climate finance.

The magazine highlighted N’Sele as one of the top “catalysts for climate change,” applauding her transformative efforts in mobilizing financial resources to tackle climate challenges. Her role in introducing a groundbreaking $750 million “hybrid” bond aimed at scaling up climate finance across Africa has set a new benchmark for development finance.

N’Sele’s climate finance initiatives have seen immense support, with the hybrid bond receiving an overwhelming $6 billion in subscriptions, far exceeding expectations. The African Development Bank became the first development bank to launch such an initiative, which is expected to inspire similar efforts from other institutions.

Furthermore, N’Sele has taken active steps to strengthen Africa’s climate resilience by signing the Global Green Bond Initiative at COP28 in Dubai. This initiative, in partnership with the Global Green Fund, is dedicated to fostering green bond markets across Africa, aiming to bridge the significant climate finance gap affecting the continent.

In her remarks to TIME, N’Sele emphasized the urgency of climate financing in Africa, noting that only a small fraction—less than 3%—of African countries currently have access to climate funds. “Africa is one of the continents most affected by climate change and yet among the least equipped to face climate shocks,” she remarked.

Alongside leaders like World Bank President Ajay Banga and philanthropist Bill Gates, N’Sele’s recognition by TIME aims to inspire global action and equitable investment in climate initiatives, especially in regions like Africa that bear the brunt of climate impacts.