Addis Ababa, May 23, 2023 (FBC) – A lack of adequate financing for tackling climate change in Africa has become dire and is “choking” the continent, African Development Bank Group President Akinwumi Adesina has said.
The remark came when Adesina was addressing scores of journalists from Africa and around the world at a media lunch organized to kick off its 2023 Annual Meetings in the Egyptian resort city of Sharm El Sheikh.
Adesina called out developed nations for not honoring the $100 billion-a-year climate finance pledge they made to developing countries.
“Africa is being short-changed in climate finance. Africa is choking,” he told the journalists.
“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,” the Bank chief said.
It is stated that the Bank Group’s Annual Meetings will allow the Bank’s Board of Governors, African leaders and development partners to explore practical ways of “mobilizing 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,” Adesina said. “In the Sahel, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity.”
The Bank chief said that in vast areas of East and Southern Africa, and in 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% annually,” he said.
Adesina and the Bank Group’s operational vice presidents answered questions on the potential for using capital market instruments such as green bonds to back climate-related investments.
According to Bank estimates, Africa will need $2.7 trillion by 2030 to finance its climate change needs.
The Bank will on Wednesday launch its annual African Economic Outlook report, a flagship publication on the state of African economies.