Africa needs $277bn/yr for climate adaptation

Adesina said the ongoing devastating drought in several parts of Africa underscored the need for all stakeholders to come together to accelerate support for Africa

African Development Bank Group President Akinwumi Adesina called for more urgent action as climate change continues to wreak havoc in many African countries. He was speaking at a high-level roundtable on climate finance convened during the International Monetary Fund and World Bank Spring Meetings by UK Deputy Foreign Minister and Minister of State for Development and Africa, Andrew Mitchell, and the German Minister for Economic Cooperation and Development, Svenja Schulze, according to a press release issued by the Abidjan-based bank.

Adesina said the ongoing devastating drought in several parts of Africa underscored the need for all stakeholders to come together to accelerate support for Africa. “Africa is in the eye of the storm from climate change, accounting for 9 out of the 10 most vulnerable countries to climate change globally,” Adesina told participants. He added: “But Africa is not getting what it needs to adapt to climate change. Africa received just USD 30 billion per year for climate adaptation, while its needs are USD 277 billion per year, leaving a huge financing gap.”

The African Development Bank has scaled up climate finance and is exceeding its financing targets for African countries. The bank has launched several innovations to mobilise resources that will help scale up climate finance, including a USD 750 million hybrid capital issue in global capital markets.

$30 bn
Amount Africa receives per year for adaptation

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