The governors of the African Development Bank Group (AfDB) will gather in Egypt in less than a month to discuss how to attract the significant private investment that Africa needs to quickly adapt to climate change and mitigate its effects.
African leaders and development partners will explore effective tactics to mobilize more resources during the 2023 Annual Meetings of the African Development Bank Group in Sharm El-Sheikh, along with the bank group’s governors and executive directors.
These include domestic investment opportunities as well as those in sustainable agriculture and renewable energy. The meetings are expected to draw 13 African heads of state and government.
The theme of this year’s meetings, “Mobilizing Private Sector Financing for Climate and Green Growth in Africa” reflects the growing urgency expressed by Africa’s leaders for a step change in efforts to limit temperature rise to 1.5 °C above pre-industrial levels by 2100. This is seen as critical to protecting the world’s most vulnerable countries, many of which are in Africa.
Africa faces an annual shortage that could approach $127 billion by 2030 if present trends in climate finance flows into the continent continue.
By 2100, Africa could lose up to 12% of its GDP. In contrast, anticipated losses for the US and other developed nations amount to less than 1% of GDP.
Story was adapted from African Development Bank Group