The President of the African Development Bank (AfDB) Group, Akinwumi Adesina, said on Monday Africa would need about $2.7 trillion by 2030 to finance climate change.
Adesina, who disclosed this at the ongoing 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt, said climate change was causing tremendous havoc in many parts of the continent.
He added that in the Sahelian region of Africa, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity.
The AfDB chief said: “In the vast areas of Eastern Southern Africa and in the Horn of Africa in particular, there was a combination of drought and floods that are causing massive losses.
The AfDB chief said: “In the vast areas of Eastern Southern Africa and in the Horn of Africa in particular, there was a combination of drought and floods that are causing massive losses.
“We have a loss of people, loss or destruction of infrastructure, and of course, leading to rising numbers of what I call climate-induced refugees.
“Africa loses seven to 15 billion dollars a year from climate change that is estimated to rise to $50 billion by 2040 at the current trend.
“But Africa, which accounts for just three percent of the total cumulative emissions in the world, is now suffering disproportionately the negative consequences of that.
“Just to be clear, Africa is being shortchanged by climate finance. Africa will need $2.7 trillion by 2030 to finance climate change needs as per the nationally determined contributions of Africa.
“Africa gets a very paltry $30 billion dollars in climate finance, and clearly, needs major support to be able to adapt to climate change which it did not cause.”
On adaptation, Adesina said it would cost about $250 billion and $407 billion by 2030 for Africa to be able to adapt to climate change.
He stressed that finance was key to adapting to climate change on the continent.