The African Development Bank (AfDB) has said that Africa loses between 5 per cent to 15 per cent of its per capita economic growth because of climate change impacts
The bank said that Africa had been hit disproportionately hard by the fallout from climate change, which has aggravated droughts, flooding and cyclones across the continent in recent years and that the continent faces a gaping climate finance shortfall.
The AfDB’s acting Chief Economist, Kevin Urama, who made this in a statement released on Tuesday, said that African nations received around $18.3 billion in climate finance between 2016 and 2019.
“These sums reflect how the crisis is,” Kelvin Urama said, noting, “Investing in climate adaptation in the context of sustainable development is the best way to cope with the climate change impacts.”
He noted that rich nations had promised in 2009 to deliver $100 billion in climate financing to the developing world. However, the pledge has only been partially met and is due to expire in 2025.
Story was adapted from Thisday.