The President of the African Development Bank (AfDB) Group, Akinwumi Adesina has said that Africa needs about $2.7 trillion to finance climate change by 2030.
Adesina, who made this known at the ongoing 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt, said that climate change was causing tremendous havoc in many parts of the continent.
He stated that in the Sahelian region of Africa, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity.
Adesina said: “In the vast areas of Eastern Southern Africa and in the Horn of Africa in particular, there was a combination of drought and floods that are causing massive losses.
“We have a loss of people, loss or destruction of infrastructure, and of course, leading to rising numbers of what I call climate-induced refugees.
Speaking further, he said “Africa loses seven to 15 billion dollars a year from climate change that is estimated to rise to $50 billion by 2040 at the current trend,”. “But Africa, which accounts for just three percent of the total cumulative emissions in the world, is now suffering disproportionately the negative consequences of that,”.
He stated that Africa is being short changed by climate finance and that the continent will need $2.7 trillion by 2030 to finance climate change needs as per the nationally determined contributions of Africa.
He explained that Africa gets a very paltry $30 billion dollars in climate finance, and clearly, needs major support to be able to adapt to climate change which it did not cause.
On adaptation, Adesina said that it would cost about $250 billion and $407 billion by 2030 for Africa to adapt to climate change, stressing that finance remains key to adapting to climate change on the continent.
“And that is why the AfDB, in fulfilling our leadership role, launched together with the Global Center on Adaptation, what is called the African adaptation acceleration program,” he said. “The programme is to mobilise $25 billion of support for climate adaptation in Africa,”.
“We are also putting our money as we are about as a bank today. We devote roughly 67 percent of our climate finance to adaptation,” he further stated.
Story was adapted from Ripples Nigeria.