Africa Lacks The Funding To Combat Climate Change- AfDB

Africa Lacks The Funding To Combat Climate Change- AfDB

According to Dr. Akinwumi Adesina, the president of the African Development Bank Group, the continent of Africa lacks the means to combat climate change because it only receives 3% of global climate money.

This information was released in a statement from the bank’s Abuja branch.

The bank’s intention to donate $12.5 billion to the Africa Adaptation Acceleration Program was also made public.

The African Adaptation Acceleration Programme was created to raise more funds for combating climate change and to advance the goals of the African Adaptation Initiative. It has the backing of African Heads of State.

To speed up and scale up climate adaptation efforts across the continent, the AfDB and the Global Center on Adaptation are both raising $25 billion for this program over five years.

According to the release, Adesina was reported as stating during the just-concluded Africa Climate Adaptation Summit in Rotterdam, Netherlands: “Africa does not have the resources to tackle climate change. The continent receives only three per cent of global climate financing. If this trend continues, Africa’s climate financing gap will reach $100bn to $127bn per year through 2030

“The current climate financing architecture is not meeting the needs of Africa. New estimates by the African Economic Outlook of the African Development Bank show that Africa will need between 1.3 and $1.6tn between 2020-2030, or $118bn to $ 145bn annually, to implement its commitments to the Paris Agreement and its nationally determined contributions.”

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