African Development Bank (AfDB) Group President, Dr. Akinwumi Adesina said that Africa will need $2.7 trillion by 2030 to finance its climate change needs.
Adesina, who spoke at the 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt on Monday, also called out developed nations for not honouring their $100 billion-a-year climate finance pledge they made to developing countries.
“If Africa had that money, the Sahel would have electricity. If Africa had that money, we would recharge the Chad basin, which has provided livelihoods for millions of people in Chad, Nigeria, Niger and Cameroon. Everything will change in all those countries; we will green the Sahel. We will ensure every single African country against catastrophic weather events.
“Africa’s measured natural capital alone is estimated to be worth $6.2 trillion, which, if well harnessed, can spur rapid economic growth and wealth generation,” Adesina said.
Adesina said that a lack of adequate financing for tackling climate change in Africa has become dire and is “choking” the continent.
“Africa is being short-changed in climate finance. Africa is choking.
“Your role as the media is very important to help carry the news – the news of efforts being made, challenges being faced, and the fierce urgency of now in getting much-needed climate finance to Africa,” Adesina said.
Adesina was addressing scores of journalists from Africa and around the world at a media lunch organised to kick off the Bank Group’s 2023 Annual Meetings in the Egyptian resort city of Sharm El Sheikh.
The Bank Group’s Annual Meetings will allow the Bank’s Board of Governors, African leaders and development partners to explore practical ways of “mobilising private sector financing for climate and green growth in Africa,” in line with the theme of this year’s meetings.
Adesina said the theme was chosen to draw attention to the urgent need for climate finance.
“Anywhere you look in Africa today, climate change is causing havoc. In the Sahel, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity,” he said.
He said that in vast areas of East and Southern Africa, and the Horn of Africa, a combination of droughts and floods is causing massive losses of people and infrastructure, leading to rising numbers of refugees.
“There is still much to do, as Africa’s private sector climate financing will need to increase by 36 per cent annually,” he said.
The AfDB is spearheading climate adaptation efforts across the continent and has devoted 63 per cent of its climate finance, the highest among all multilateral development banks.
The Bank’s new Climate Action Window will support millions of farmers, enabling them to access climate-resistant seeds.
The institution has also launched the Desert to Power initiative to develop 10,000 megawatts of solar power to benefit nearly 250 million people across the Sahel.
The Bank and the Global Center for Adaptation have launched the African Adaptation Acceleration Program (AAAP) to mobilise $25 billion to support Africa’s adaptation to climate change.
It has also established Alliance for Green Infrastructure (AGIA), in partnership with other institutions, to mobilise $10 billion in private investment for green infrastructure in Africa.
