The governors of the African Development Bank (AfDB) Group will be attending the bank’s 2023 Annual Meetings in Egypt during the coming weeks to discuss strategies for attracting the significant private investment that Africa urgently needs to achieve its climate change adaptation and mitigation targets.
The meeting’s governors, executive directors, African leaders, and development partners, according to the announcement, will explore effective methods for mobilizing additional resources.
These opportunities include those from within their own nations as well as those for investments in sustainable agriculture and renewable energy.
Some 13 African heads of state and government are expected to attend the meetings. According to the statement, “the theme of this year’s meetings—‘Mobilizing Private Sector Financing for Climate and Green Growth in Africa’—reflects the growing urgency ex-pressed 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.”
It added that if current trends in climate finance flows into Africa continue, the continent faces an annual shortfall that could exceed $127 billion by 2030.
Africa could lose as much as 12 percent of GDP by 2100. In comparison, projected losses for the United States and other industrialized countries represent less than one percent of GDP.
Story adapted from New Telegraph