Climate Change: AfDB readies $3.5bn for Africa Adaptation Acceleration Programme
President of the African Development Bank, Dr Akinwumi Adesina, has said the Bank has already set aside some $3.5bn for the implementation of the Africa Adaptation Acceleration Programme on climate change.
Speaking to norvanreports at the ongoing Africa Climate Change Adaptation Summit in Rotterdam, Netherlands, Dr Adesina remarked the AfDB is looking at partner institutions on the continent and also from western countries to add up to the $3.5bn to support climate change adaptation on the African Continent.
Africa, at the end of the Summit is hoping to raise a total of $25bn to implement climate change adaptation programmes on the Continent.
Already, the Continent has secured some $12.5bn in pledges from the Western world.
Speaking further to norvanreports, Dr Adesina expressed optimism that Africa will efficiently use the mobilized funds to undertake the needed climate change adaptation programmes.
According to the African Development Bank Group (AfDB), the African Continent loses about $7-$15bn annually due to climate change impacts on African countries.
The Continent’s losses to climate change are projected to rise even further to $40bn by 2030.
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 3% of all carbon emissions.
