The African Development Bank (AfDB) estimates that by 2040, climate change would cost Nigeria and other African countries between $45 billion and $50 billion annually due to its disastrous effects on the global economy.
In order to “speed up the development of green infrastructure in Africa,” the AfDB launched the Alliance for Green Infrastructure in Africa.
Speaking during the launch at the 2022 African Economic Conference (AEC) in Balaclava, Mauritius, AfDB President, Dr Akinwunmi Adesina stressed the importance of Africa’s adaptation to climate change
Adesina, who was represented by Acting Chief Economist and Vice-President, Prof. Kevin Urama, regretted that Africa was experiencing the terrible effects of climate change, including locusts, armyworms, floods, unpredictable rainfall and droughts.
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He said that supporting climate-smart, environmentally friendly development is one step in the right direction, adding that estimates show that Africa suffers $7-15 billion per year in GDP losses to climate change, which are projected to rise to $45-50 billion per year by 2040.
“Supporting climate-smart development in Africa is extremely pertinent. Climate change is a looming threat to Africa,” he said. “Africa is the most vulnerable region to climate disasters.”
Story was adapted from Thisday.
