Africa, without strong climate change policies, could lose as much as 12 percent of its GDP by 2100 due to climate change-related impacts, depending on different scenarios, new projections by the African Development Bank (AfDB) have proved.
This is compared with losses of less than one percent each for the United States and the European Union, and no more than five percent for China, the pan-African multilateral development financial institution said.
Already, the continent lost five percent to 15 percent of its per capita GDP growth from 1986 to 2015.
This disclosure emerged ahead of the African Development Bank Group’s 2023 Annual Meetings slated to take place in the Egyptian resort of Sharm El Sheikh from 22 to 26 May.
The event has the theme: “Mobilising Private Sector Financing for Climate and Green Growth in Africa”.
Africa has an estimated GDP of $3.14 trillion nominal by 2023 or $8.86 trillion (PPP estimated.)
The meetings will offer the AfDB Group’s governors and global business people and investors the opportunity to share experiences of mobilising domestic and international private sector funds, including harnessing Africa’s natural capital to close the climate financing gap and advance the transition to green growth in Africa.
The gathering will also provide African governments a forum to discuss the nature and level of support they need from development partners, such as the AfDB Group, to achieve their climate ambitions.
African Development Bank Group’s 2023 Annual Meeting Akinwumi Adesina, AfDB president, while addressing global leaders at the 1st Climate Change Adaptation Summit in Davos, Switzerland in 2021, said that Africa is losing between $7 billion and $15 billion annually from the vagaries of climate change.
Also, the International Monetary Fund (IMF) said the loss could rise to $50 billion by 2040.
