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THE African Development Bank (AfDB) is seeking to mobilise US$25 billion annually to accelerate climate change adaptation actions across the continent.
The impact of climate change is estimated at between US$7 billion and US$15 billion annually.
AfDB recently came up with the Africa Adaptation Acceleration Programme to mobilise resources for accelerating climate change adaptation in Africa.
The regional financier says the continent now faces the dual onslaught of climate change and Covid-19, which has claimed 114 000 lives.
“The African Development Bank expects that the impact of climate change on the continent could rise to US$50 billion each year by 2040, with a further three percent decline each year in Gross Domestic Product by 2050,” it said.
On Tuesday the AfDB convened a virtual leaders’ dialogue hosted in conjunction with the Global Center on Adaptation and the Africa Adaptation Initiative. More than 30 heads of State and global leaders have rallied behind the bold new Africa Adaptation Acceleration Programme.
“The programme’s objective is to mobilise US$25 billion to accelerate climate change adaptation actions across Africa,” said the bank.
The Africa Adaptation Acceleration Programme is built to address the impacts of Covid-19, climate change, and the continent’s worst recession in 25 years. The regional financier said this was why there was an unprecedented show of support for the financing of African adaptation.
Former United Nations secretary general, Mr Ban Ki-moon, who is also the Chair of the Global Centre on Adaptation was quoted as saying:
“The Covid-19 pandemic is eroding recent progress in building climate resilience and leaving countries and communities more vulnerable to future shocks.
“Africa must make up for lost ground and lost time. Climate change did not stop because of Covid-19, and neither should the urgent task of preparing humanity to live with the multiple effects of a warming planet.”
AfDB president, Dr Akinwumi Adesina, said together with their partners, they intend to mobilise US$25 billion in financing for the success of the Africa Adaptation Acceleration Programme.
He said it was time for developed countries to meet their promise of providing US$100 billion annually for climate finance.
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