The African Development Bank expects that the impact of climate change on the Africa continent could rise to $50bn each year by 2040, with a further three per cent decline in gross domestic product by 2050.
The AfDB disclosed this in a statement on Thursday.
It said, at a virtual Leaders’ Dialogue on Tuesday, more than 30 heads of state and global leaders rallied behind the bold new ‘Africa Adaptation Acceleration Program’.
The objective of the programme is to mobilise $25bn to accelerate climate change adaptation actions across Africa, the development bank said. It added that Africa now faces the dual onslaught of climate change, currently estimated at between $7bn and $15bn each year, and Covid-19, which has claimed 114,000 lives.
The programme also is built to address the impacts of Covid-19, climate change, and the continent’s worst recession in 25 years, it further said.
Speaking on the development, the AfDB President, Dr Akinwumi Adesina, stated, “With our partners, we intend to mobilise $25bn in financing for the success of the Africa Adaptation Acceleration Program. It is time for developed countries to meet their promise of providing $100bn annually for climate finance. And a greater share of this should go to climate adaptation.
“So far, more than $20tn has gone into Covid-19 stimulus packages in developed countries. The International Monetary Fund’s plan to issue $650bn of new Special Drawing Rights to boost global reserves and liquidity will be enormously helpful to support green growth and climate financing for economic recovery.”
Corroborating the AfDB president, the United Nations’ Secretary-General, António Guterres, said, “African nations are showing leadership…The Africa Adaptation Acceleration Program, and many other ambitious African initiatives, must be empowered to fully deliver on their goals.”
“Universal access to energy in Africa, a priority in the coming years, could be provided primarily through renewable energy. I call for a comprehensive package of support to meet these dual objectives by COP 26. It is achievable, it is necessary, it is overdue, and it is smart,” Guterres added.
The Africa Adaptation Acceleration Program, launched by the AfDB and the Global Center on Adaptation, revolves around several transformative initiatives.
