Akinwumi Adesina, group president of the African Development Bank (AfDB), estimated that by 2030, Africa would require around 2.7 trillion dollars to finance climate change.
This was stated by Adesina on Monday (May 22, 2023) during the ongoing 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt.
Mobilizing Private Sector Financing for Climate and Green Growth in Africa is the focus of the sessions.
The bank president claims that climate change is wreaking havoc across much of the continent.
In the Sahel, he claimed, rising temperatures are causing scarce water supplies to dry up, exacerbating food insecurity by placing water stress on cattle and crops.
He described how a combination of drought and flooding was wreaking havoc across a huge portion of Eastern Southern Africa, particularly in the Horn of Africa.
“ 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 dollar 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. Adesina said
“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’’.
He claims that Africa receives a pitiful 30 billion dollars in climate finance and that it is obvious that it requires significant assistance in order to be able to adapt to the climate change that it did not cause.
Regarding adaptation, Adesina estimated that it will cost roughly 250 billion dollars today and 407 billion dollars by 2030 to meet the demands of Africa.
He emphasized once more the importance of finance in helping the continent adapt to climate change and added that much more was needed to help the continent’s nations.
“And that is why at the AfDB, in fulfilling our leadership role, launched together with the Global Center on adaptation, what is called the African adaptation acceleration program.
“The programme is to mobilise 25 billion dollars of support for climate adaptation in Africa.
