Hassan Abdalla: Total flows cover only 12% of climate finance needed in Africa

Egyptian central bank governor Hassan Abdalla said on Tuesday that it is crucial to unlock additional resources to build climate-resilient economies as total flows currently cover only 12 percent of the climate finance needed in Africa.

Despite contributing the least to global greenhouse gas emissions, Africa carries the heaviest burden of the associated climate change effects, added Abdalla at the African Development Bank’s (AfDB) Annual Meetings taking place in Sharm El-Sheikh on May 22-26.

Abdalla, who is also the Governor for Egypt of the AfDB, stated that climate change is having adverse impact on water resources in many areas in Africa with agricultural production projected to drop by half in some countries.

There is an urgent call to mobilise more resources by incentivising the private sector to pay a more important role in green growth and sustainable development to all envision for the continent.