By Nneka Nwogwugwu
Senior Director at Africa Finance Corporation (AFC) and CEO of AFC Capital Partners, Ayaan Adam noted that climate change may significantly damage infrastructural assets, leading to the loss of $415 billion by 2030 in Africa.
He was speaking at the virtual sustainable financing workshop organised by the African Refiners and Distribution Association (ARDA).
Adam said the effect of climate change in Africa was disproportionate to its share of global emissions – with implications for future infrastructure requirements.
Adam said the future infrastructure developments are needed to be able to reduce, accommodate or recover from the effects of natural disasters and climate extremes.
The AFC official noted that the companies were promoting their Infrastructure Climate Resilience Fund (ICRF), which will drive investments in climate resilient infrastructure projects across the African continent in the AFC’s core sectors – transport & logistics, power, telecoms and industrial parks.
Also speaking, Executive Secretary of the organisation, Anibor Kragha, noted that strategic options were needed for financing energy transition in the African downstream petroleum sector.
Kragha disclosed that sub-Saharan Africa’s import needs for transport fuels will continue to grow in the foreseeable future, making the region the world’s largest importer by 2030.
