The African Development Bank (AfDB) President, Akinwumi Adesina, has said that Africa will need about $2.7 trillion by 2030 to address climate change.
Development Diaries reports that Adesina made this known at the 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt.
Climate change is wreaking havoc throughout much of the continent as higher temperatures are depleting water supplies, stressing crops and animals, and escalating food insecurity.
For instance, a combination of drought and flooding is inflicting enormous losses in the Horn of Africa.
‘We have a loss of people, loss or destruction of infrastructure, and of course, leading to rising numbers of what I call climate-induced refugees’, he said.
‘Africa loses seven to 15 billion dollars a year from climate change that is estimated to rise to $50 billion by 2040 at the current trend.
‘But Africa, which accounts for just three percent of the total cumulative emissions in the world, is now suffering disproportionately the negative consequences of that.
‘Just to be clear, Africa is being shortchanged by climate finance. Africa will need 2.7 trillion dollars by 2030 to finance climate change needs as per the nationally determined contributions of Africa’.
It is understood that the continent gets a meagre $30 billion in climate finance, and apparently, needs major support to be able to adapt to climate change which it did not cause.
Speaking about adaptation, Adesina estimated that by 2030, the demands of Africa for adaptation to climate change would cost between $250 billion and $407 billion.
In 2022, the African Union and the Global Centre for Adaption signed a memorandum of understanding to mobilise at least $25 billion for the African Adaptation Acceleration Programme, established by the centre and the AfDB, over five years.
Development Diaries believes that finance is important to the adaptation of climate change in Africa and the adaptation programme would prepare the continent for the consequences of climate change faster and at scale.
Photo source: World Bank
