President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, has said Africa could lose as much as $50 billion yearly by 2040 if the growing impact of climate change on the environment and livelihoods is not checked.

Speaking at a virtual international climate summit called by President Joe Biden of the United States, Adesina stated yesterday that the phenomenon remains a threat to Africa, with the continent currently losing between $7 billion and $15 billion every year to the impact of climate change.

He added that this would rise to $50 billion per year by 2040, given different data sources, including statistics from the International Monetary Fund (IMF).

According to him, although Biden’s election has brought renewed hope in the world’s effort at tackling climate change, global action is still required to curb the menace.

He added that Africa, the least carbon emitter, currently suffers the hugest impact of climate change, including droughts, floods and pest invasions.

Africa is not at net zero, Africa is at ground zero. We must, therefore, give Africa a lift to get a chance of adapting to what it did not cause.

At the AfDB, we are leading this charge for Africa. We have committed $25 billion to climate change financing over the next four years. Our share of financing devoted to climate has risen from just a mere 9 per cent in 2016 to 35 per cent in 2019 and we will reach 40 per cent this year,

he stated.

Adesina said the AfDB was also setting the pace, being the only multilateral bank meeting and exceeding the 50 per cent parity for climate change adaptation and resilience.

He stated that in 2018, the bank devoted more than 50 per cent of its climate financing to climate adaptation, increasing it to a record 63 per cent last year.

He said the bank was targeting 40 million farmers in climate-smart agricultural practices and speeding up the continent’s renewable energy transition with support for the largest wind power plant in Kenya.

Now we have embarked upon what we call desert to power, a $20 billion investment that will provide opportunities to turn the Sahel into the world’s largest solar zone and provide electricity to 250 million people,

he added.

Adesina said a $6.5 billion funding facility had been earmarked to protect the Sahel against desertification, while deploying insurance premiums against catastrophes and building strategic partnerships.

He said Africa supported the actions towards saving the planet, adding that what is needed now to achieve more is greater funding.

It’s time developed countries meet their promise of $100 million per year for climate financing for developing countries. Together we must secure the future,

he said.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.