Africa will need about 2.7 trillion dollars by 2030 to finance climate change which is causing tremendous havoc in many parts of the continent.
The Group President AfDB, Akinwumi Adesina said this at the on-going 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt on Monday.
The theme of the meetings is Mobilising Private Sector Financing for Climate and Green Growth in Africa.
According to the bank president, in the Sahel, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity.
He explained that in vast areas of Eastern Southern Africa and in the Horn of Africa in particular, there was a combination of drought and floods that were causing massive losses.
Adesina said : “ We have loss of people, loss or destruction of infrastructure, and of course, leading to rising numbers of what I call climate induced refugees.
“Africa loses seven to 15 billion dollars a year from climate change that is estimated to rise to 50 billion dollars by 2040 at the current trend.
“But Africa, which accounts for just three per cent 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’’.
According to him, Africa gets a very paltry 30 billion dollars in climate finance, and clearly needs major support to be able to adapt to climate change which it did not cause.
On adaptation, Adesina said it would cost about 250 billion dollars and 407 billion dollars by 2030 in terms of the needs of Africa to be able to adapt to climate change.
He reiterated that finance was key to adapting climate change on the continent, adding that a lot more was required to support countries on the continent.
