• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Africa seeks climate finance to hit $1.6 trn by 2030

3 years ago
in Features, highlights, Home, home-news, latest News
1 min read
0 0
0
A photo illustration show the US Dollars in Buenos Aires, Argentina, on October 16, 2019. (Photo illustration by Carol Smiljan/NurPhoto)

A photo illustration show the US Dollars in Buenos Aires, Argentina, on October 16, 2019. (Photo illustration by Carol Smiljan/NurPhoto)

39
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Africa seeks climate finance to hit $1.6 trn by 2030

African nations believe financing to help developing countries deal with climate change should be scaled up to $1.6 trillion per year by 2030, a researcher said Tuesday.

“The climate finance gap is huge,” Olufunso Somorin (PhD), Regional Principal Officer for Climate Change and Green Growth at African Development Bank said, adding, “At a global level there’s a range we’re talking of 1.6 trillion to $3.8 trillion in each year.”

“If we use a base, the smallest rate, which is $1.6 trillion, what we have right now it’s about $600 billion in a year. Therefore, there’s a gap of about $1 trillion every year,” he said.

Most African countries need the climate change finances.  “So, just imagine if we’re able to improve from $600 billion to a little up to a trillion dollars, or even 1.6 trillion and that money is available for African countries; we will see a lot of developments in our contracts,” he said.

In Africa, a lot of countries are spending a significant portion of their annual Gross Domestic Product (GDP) in responding to climate change—it’s very expensive, Dr. Somorin said.

Think about a country with a GDP of about $100 billion a year, he says. “If they are spending 7% of this amount to respond to climate impacts; that are the money it should have gone to education, infrastructure, for better health services and to purchase food to avoid starvation; that’s the cost of it,” he said.

RelatedPosts

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

Alex Benkenstein, Programme Head for Governance of Africa’s Resources at South African Institute of International Affairs (SAIIA) also admits that the economic impacts of climate change are severe for the continent.

Tropical storms, wildfires, flooding, and droughts, among others are some of the impacts of climate change. “These economic costs are real, they’ve been felt now, likely to increase and they are already very substantial,” he stressed.

Scholars suggested that Africans must demand climate change finance from wealthier nations during the COP27. Most of the climate change financing in Africa are skewed towards mitigation than adaptation, they said.

SAIIA, Konrad Adenauer Stiftung (KAS) Foundation in Ethiopia and KAS Energy Security and Climate Sub-Saharan Africa jointly organized two-days high-level international conference in Hyatt Regency Hotel in Addis Abeba focused on “Towards an African Adaptation Finance Agenda for COP27”

Tags: Africa seeks climate finance to hit $1.6 trn by 2030Climate Change and Green Growth
No Result
View All Result

Highlights

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

Morocco and Madagascar set up Historic CHAN Final in Nairobi

US Open: Defending Champions Swiatek and Sinner Cruise Into Second Round

Otto Addo Names Strong 24-Man Squad As Black Stars Prepare For Crucial World Cup Qualifiers Against Chad and Mali

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to Plug Transition Funding Shortfall

Trending

Business

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

August 27, 2025

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports The Importers and Exporters...

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

August 27, 2025

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

August 27, 2025

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

August 27, 2025

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.