The African continent is choking due to a lack of finance to tackle climate change at a time when communities are being ravaged by droughts, floods, loss of lives and damage to property, African Development Bank (AfDB) president, Dr. Akinwumi Adesina has said.
He said this yesterday while addressing journalists at a media lunch marking the start of the 2023 annual meetings underway here.
The AfDB 2023 annual meetings started on Monday, ending on Friday under the theme, “Mobilising private sector financing for climate and green growth in Africa.
Dr Adesina said the time to make unfulfilled promises is over as Africans continue to be battered by climate change.
His remarks follow the promise of US$100 billion per year by wealthy countries but the release of the funds continues to face challenges.
The continent has received a measly 3 percent of global climate finance, making it difficult for Africa to mitigate and adapt to climate change.
“Africa is being short-changed in climate finance. Africa is choking,” said Dr Adesina.
“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.”
Dr Adesina said East and Southern Africa, have been badly hit by the impact of climate change.
Recently, tropical storm Freddy killed over 1 200 people while over 100 people were also killed in Mozambique.
In 2019, over 300 people were killed by Cyclone Idai in Zimbabwe with many others and property damaged in Mozambique and Malawi.
Dr Adesina said African countries contribute only 3 percent to emissions but they are now suffering disproportionately from the impacts of climate change.
He said there is still much to do, “as Africa’s private sector climate financing will need to increase by 36 percent annually”.
Dr Adesina said the AfDB is leading climate adaptation efforts in Africa and has devoted 63 percent of its climate finance, the highest among all multilateral development banks.
The AFDB’s new Climate Action Window is expected to support millions of farmers, enabling them to access climate-resistant seeds.
The bank has also launched the Desert to Power initiative to develop 10 000MW of solar power for the benefit of about 250 million people across the Sahel.
Dr Adesina said the AfDB and the Global Center for Adaptation, have launched the African Adaptation Acceleration Program (AAAP) to mobilise US$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 US$10 billion in private investment for green infrastructure in Africa.
