Climate Change May Cost Nigeria, Other African Countries $50bn Annually-AfDB

The African Development Bank has said the impact of climate change on the continent could rise to $50bn each year by 2040, with a further three per cent decline each year in gross domestic product by 2050.

The bank conveyed this during a virtual Leaders’ Dialogue it convened in partnership with the Global Center on Adaptation and the Africa Adaptation Initiative.

More than 30 heads of state and global leaders rallied behind the bold new Africa Adaptation Acceleration Programme.

The programme’s objective is to mobilise $25bn to accelerate climate change adaptation actions across Africa.
AfDB President Dr. Akinwumi Adesina said the bank with its partners intend to mobilise $25bn in financing for the success of the Africa Adaptation Acceleration Programme.

He said, “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 $20trn 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. I applaud the leadership of the US government and US Treasury Secretary Janet Yellen, especially, on this big push.”

President Félix-Antoine Tshisekedi Tshilombo of the Democratic Republic of Congo, and African Union Chairperson, invited his fellow leaders to revisit climate ambitions and accelerate the implementation of actions planned under national priorities.

To do this, he said the continent will need to focus on actions to adapt to the impacts of climate change. These include nature-based solutions, energy transition, enhanced transparency framework, technology transfer and climate finance.

The AAAP is built to address the impacts of Covid-19, climate change, and the continent’s worst recession in 25 years.

The AAP, as launched by the AfDB and the Global Center on Adaptation, revolves around several transformative initiatives.

The International Monetary Fund Managing Director Kristalina Georgieva said as well as facing the health and economic crisis caused by the pandemic, countries in Africa are among the most vulnerable to the effects of climate change.

She said, “Tackling this dual challenge requires putting adaptation at the heart of Africa’s recovery – so countries build resilience to climate change and spur economic activity.

“This pandemic has shown us the importance of investing in people. And that is so, so very valuable for Africa, which has a fast-growing young population.

“This begins by improving education, healthcare, and food security, and in that context, I warmly welcome the Africa Adaptation Acceleration Programme.”

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