Africa needs $2.7tln for climate change investments by 2030 – AfDB chief
The African Development Bank Group (AfDB) estimates that Africa needs $2.7 trillion by 2030 to fund its climate change needs, as Akinwumi Adesina, President of the AfDB, announced during the bank’s 2023 Annual Meetings.
The lack of sufficient funding to combat climate change repercussions in Africa is suffocating the continent, stated Adesina, calling on developed countries to commit to their climate funding pledge of $100 billion annually for developing countries.
Adesina mentioned that the meetings will allow the bank’s Governing Council, African leaders, and development partners to discover effective ways to mobilise private sector finance for climate change and green growth in Africa.
“The Meetings’ theme this year was chosen to draw attention to Africa’s grave need for climate funding, you can see chaos caused by climate change everywhere you look in Africa,” Adesina said.
Many areas in East, South, and Horn of Africa have greatly suffered from floods and drought impacts, including the loss of lives and damages to infrastructure, which also led to an increase in refugees.
Private sector finance for climate change in Africa represents only 14 percent, and this number needs to increase by 36 percent yearly, with the AfDB devoting 63 percent of its funding to climate change, Adesina remarked.
The AfDB, along with the Global Centre on Adaptation (GCA), launched the Africa Adaptation Acceleration Programme (AAAP) to mobilise $25 billion to support Africa’s adaptation to climate change.
The AfDB also created the Alliance for Green Infrastructure in Africa (AGIA), partnering with other organisations, to mobilise $10 billion of green infrastructure investment in Africa.
