Akinwumi Adesina, the President of the African Development Bank (AfDB) Group, highlighted on Monday that Africa would require approximately $2.7 trillion by 2030 to address the challenges posed by climate change.
Speaking at the ongoing 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt, Adesina emphasized that climate change was wreaking havoc in various parts of the continent.
Adesina pointed out that the Sahelian region of Africa is experiencing higher temperatures, resulting in the drying up of scarce water resources and exacerbating water stress for crops and livestock, leading to heightened food insecurity.
Discussing the impacts of climate change, he stated, “In large areas of Eastern Southern Africa and particularly in the Horn of Africa, we are witnessing a combination of droughts and floods that are causing massive losses.
We are losing people, experiencing the destruction of infrastructure, and, of course, witnessing a rise in climate-induced refugees.”
Adesina further highlighted the economic toll, noting that Africa currently loses between $7 billion and $15 billion annually due to climate change.
If the current trajectory continues, this amount is projected to reach $50 billion by 2040.
Despite contributing only three percent of the world’s cumulative emissions, Africa disproportionately bears the negative consequences of climate change.
He raised concerns about inadequate climate finance, stating, “Africa receives a meager $30 billion in climate finance, while it requires significant support to adapt to climate change that it did not cause.”
Adesina stressed the urgency of financial assistance for adaptation efforts, stating that Africa needs $250 billion to $407 billion by 2030 to adapt to climate change.
Recognizing the critical role of finance in addressing climate change in Africa, Adesina announced the launch of the African Adaptation Acceleration Program in collaboration with the Global Center on Adaptation.
The program aims to mobilize $25 billion in support for climate adaptation efforts on the continent.
Additionally, the AfDB has dedicated approximately 67 percent of its climate finance to adaptation projects.
Adesina’s remarks highlight the pressing need for substantial financial resources to mitigate the impact of climate change in Africa.
The AfDB and other stakeholders are working towards mobilizing funds to support adaptation measures, emphasizing the importance of collective action to address the challenges faced by the continent.