President of the African Development Bank (AFDB) Akinwumi Adesina said Africa needs between $1.3 Trillion and 1.6 Trillion to tackle the impact of climate change. Adesina said this on Monday 23rd of May, 2022 at a media briefing held in Accra Ghana, ahead of the bank annual meetings.
According to him, there is a need for the continent to do more in tackling Climate change in order to ensure a sustainable future.
“At these meetings, we will be focusing on the theme: Achieving Climate Resilience and a just energy transition” he said.
“As you all know, Climate change is an ever-present existential threat to Africa, from draughts, floods, and cyclones, extreme weather events are devastating Africa Economies. Nine (9) out of the ten (10) most vulnerable countries to climate change are in Africa. Indeed, Africa is the second-most vulnerable region to climate change in the world.
“Climate change is killing African Economies. Annually, Africa loses $7 Billion to $15 Billion due to Climate change. This is expected to rise to $50 billion a year by 2040”.
“Africa, which accounts for just 4% of global greenhouse gas emissions, is short changed by Climate finance. Africa’s financing needs to address climate change ranges between $1.3 Trillion to $1.6 Trillion in 2020 – 2030”.
“However, Africa is not getting enough resources to tackle climate change. Africa gets only 3% of total global finance. Climate financing mobilized globally falls short of Africa’s needs by $100 Billion to $127 Billion per year between 2020 and 2030”.
“As per the Paris Agreement, Africa countries are committed to reducing their Carbon Emissions, through energy transitions. Africa has abundant renewable energy resources, including Solar, Hydro, Wind, and Geothermal resources”. “The African Development Bank is spearheading investments in renewable energy. Over 86% of the energy generation investments by the Bank are in renewable energy”.