Akinwumi Adesina: Africa needs up to $1.6trn to tackle climate change impact

Akinwumi Adesina, president of the African Development Bank (AfDB), says Africa needs between $1.3 trillion and $1.6 trillion to address the impact of climate change.

Adesina said this on Monday at a media briefing held in Accra, Ghana, ahead of the bank’s annual meetings.

According to him, there is a need for the continent to do more on tackling climate change in order to ensure a sustainable future.

“At these annual 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 droughts, floods, and cyclones, extreme weather events are devastating African economies. Nine out of the 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 the 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 climate finance. Climate financing mobilised globally falls short of Africa’s needs by $100 billion to $127 billion per year between 2020 and 2030.

“As per the Paris Agreement, African 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.”