According to the African Development Bank (AfDB), Africa is losing between 5% and 15% of its economic growth per capita due to the effects of climate change and faces a large shortfall in climate finance.
Africa has been disproportionately affected by the effects of climate change, which has exacerbated droughts, floods and cyclones across the continent in recent years.
Kevin Urama, AfDB’s acting chief economist, said in a statement released on Tuesday that African countries received about $18.3 billion in climate finance between 2016 and 2019.
But they are looking at a climate finance shortfall of nearly $1.3 trillion between 2020 and 2030.
“These amounts reflect the crisis,” Urama said. “Investing in climate adaptation in the context of sustainable development is the best way to deal with the consequences of climate change.”
Rich countries pledged in 2009 to provide $100 billion in climate finance to developing countries. But this promise was only partially fulfilled and is due to expire in 2025.
African ministers meeting in Cairo last week ahead of November’s COP27 climate summit condemned the lack of support, which they said had resulted in the continent receiving less than 5.5% of global climate finance.
