Climate change: Developing countries need additional $100bn annually by 2025 – Expert

Following increasing effects of climate change, an expert has warned that lower and middle income countries will need an additional $100 billion annually by 2025 and close to $2 trillion dollars by 2030 to avert the worst effects of climate change.

Ousmane Fall Sarr, who works with West African Alliance on Carbon Markets and Climate Finance, said that the $100 billion target in annual climate financing that was pledged by developed countries since Cop15 has yet to be met.

“Africa is among the regions most vulnerable to climate change. It’s the countries with particularly low capacity to respond that will be disproportionately impacted by climate change”, he said at the event.

“This makes climate change mitigation a global imperative and Africa is part of the solution.”

“The energy sector alone will require something like $1 trillion of investment annually. So this is a very big amount of money that is required to address this issue,” he said.

To close the climate finance gap, African nations must “seek opportunities and leverage the global carbon market to monetise the value of the African ecosystem in storing and removing carbon”, he added.