…Suffers from a $1.3tril climate finance gap.
A study by the African Development Bank (AfDB), has said that climate change is causing Africa to lose between 5% and 15% of its GDP per capita. The study also said Africa is suffering from a $1.3trillion climate finance gap.
The Bank said in the study that the extreme degree to which climate change has impacted the continent in comparison to the rest of the world is hampering Africa’s chances of growth.
Droughts, floods and cyclones have been far more commonplace in recent years, leading to a larger recovery gap and need to catch up to the rest of the world.
Also Read: AfDB Boosts Green Energy Development in 7 African Countries
According to AfDB’s chief economist, Kevin Urama, Africa is suffering from a $1.3 trillion (£1.1tn) climate finance gap this decade, despite receiving $18.3 billion (£15.8bn) between 2016 and 2019.
He stated, “investing in climate adaptation in the context of sustainable development is the best way to cope with the climate change impacts.”
The study blamed the wealthier nations of the world for failing to redeem the pledge of to deliver $100 billion (£86.6bn) in climate finance in 2009, whereas this pledge will expire in three years’ time.
Ministers from the continent have stated that they believe only 5.5% of global climate financing has been fulfilled. With the impacts of climate change wreaking havoc across Africa, industries which were already behind Europe, America and Asia are now finding it even more difficult to compete, AfDB stated.
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