Top Posts
Death toll from Mokwa flood rises to 153
Scientists say nearly 40% of the world’s glaciers...
Nigerian government seeks alignment of NDC climate action...
German court dismisses climate case against RWE
WHO Climate Change action plan approved
Report: World likely to breach 1.5°C limit in...
At Bonn climate talks, Brazil demands early deals...
Researchers warn Africa could face 113 million climate...
LAPO MfB launches tree-planting initiative to fight climate...
Stiell says new NDCs are about growth, antidote...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
Africa

UNECA says Africa requires $2.5trn climate finance by 2030

by admineconai March 8, 2024
written by admineconai March 8, 2024
693

Hanan Morsy, chief economist at the United Nations Economic Commission for Africa (UNECA) has said that Africa requires as much as $2.5 trillion in climate finance to be able to tackle climate change by 2030.

Morsy who made this known on Thursday at the Conference of African Ministers of Finance, Planning and Economic Development (COM2024) in Zimbabwe, said that Africa has contributed the least to greenhouse gas emissions but the continent is affected the most by climate change.

Morsy said that the continent attracts only two percent of global investments in clean energy despite needing $2.8 trillion by 2030, adding that African countries pay about 1.7 percentage points higher interest on debt than other countries.

“We end up in a vicious circle with investment shortfalls increasing exposure risk and worsening impact, further eroding fiscal space and raising finance costs,” she said. “Despite producing low emissions compared to other continents, climate change is costing African countries 5% of gross domestic product (GDP) annually,”.

Read also: US regulators approve significantly scaled back climate disclosure rule

Speaking further, she said “the situation is further compounded by heavy public debt. Countries are spending more servicing their debt than on climate action.”

Story was adapted from theCable.

$2.5trn2030AfricaClimate changeFinance
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
US regulators approve significantly scaled back climate disclosure rule
next post
Labour aims for zero-waste economy by 2050

Related Posts

Researchers warn Africa could face 113 million climate...

May 23, 2025

Stiell says new NDCs are about growth, antidote...

May 21, 2025

AFDB, others move to address climate change

May 17, 2025

Report shows 2024 as hottest in Africa, warns...

May 12, 2025

Research shows two-thirds of global warming since 1990...

May 12, 2025

Survey shows Africans less likely to blame rich...

May 12, 2025

Magnitude 4.1 earthquake hits Marrakech

May 6, 2025

Eastern Caribbean youth call for co-leadership in climate...

April 16, 2025

Climate talks end with unified demand for climate...

April 16, 2025

Experts incorporate Artificial Intelligence in fight against Climate...

March 31, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World