Africa losing $7-$15bn to climate change every year – Dr Adesina
President of the African Development Bank Group (AfDB), Dr Akinwumi Adesina, has said the African Continent loses about $7-$15bn annually due to climate change impacts on African countries.
According to him, the Continent’s losses to climate change are projected to rise even further to $40bn by 2030.
Making the assertion at the ongoing 2022 Annual Meetings in Accra themed, “Achieving Climate Resilience and a Just Energy Transition for Africa”, Dr Adesina averred Africa has no choice but to adapt to climate change and cut the losses being made.
“Africa suffers disproportionately from the negative impacts of climate change, including increased frequency and intensity of droughts, cyclones and floods, compounded by desertification.”
“This is despite the fact that Africa contributes the least to global warming, accounting for only 4% of all carbon emissions.”
“Climate change is shortchanging African economies. Africa suffers US$7-US15 billion per year in losses to climate change. These losses are projected to rise to US$40 billion per year by 2030. Africa has no choice but to adapt to climate change,” he stated.
To aid the Continent mitigate the adverse impacts of climate change, Dr Adesina noted that the AfDB will double its climate change financing to African countries to $25bn by 2025.
“To support the continent in doing so, the African Development Bank has doubled its financing for climate to US$25 billion by 2025. Without any doubt, the African Development Bank is the leader on climate adaptation in Africa, and globally. The share of our climate finance dedicated to adaptation is 67%, the highest among all multilateral development banks,” he added.
Meanwhile, it is estimated that climate change risks could cause damage worth $3.9 billion to Ghana’s transport sector.
The potential damage of $3.9 billion is thrice the investment of $1.3 billion made in the sector in 2019, according to a study by the Global Center on Adaptation.
Other key findings in the study include future energy availability for about a quarter of a million people in rural parts of Ghana is threatened by drought given their reliance on wood fuel for household energy generation. Equally, climate risks threaten major components of the electricity generation and transmission due to exposure to drought and flooding.
Also, 54% of dams assessed are exposed to floods and 23% to droughts under a high-hazard by 2050; the Weija dam, supplying 80% of the drinkable water for Accra’s metropolitan area, was found to be particularly exposed to flooding.
The good thing is that the report offers a roadmap that could prevent the worst from happening. It also highlights extensive efforts by the government to counter climate risks.
