For adapting to climate risks, the continent needs $52.7 billion annually through 2030
Africa needs approximately $52.7 billion annually till 2030 for climate adaptation, according to a new report.
The continent needs a total adaptation finance of $579.2 billion during 2020-2030, an analysis of the nationally determined contributions (NDC) of African countries showed.
The current annual spending on adaptation across all of Africa is $11.4 billion, according to the report by the Global Centre on Adaptation, an international organisation that works on adaptation solutions. This represents about 39 per cent of total climate finance committed to Africa annually, the report released November 4, 2022 showed.
At this rate, the total adaptation finance would be $125.4 billion, much less than what the African countries need to meet their NDCs.
Much of this adaptation finance (53 per cent) comes from just one source — multilateral development finance institutions (DFI), followed by governments (23 per cent, $2.6 billion) and bilateral DFIs (16 per cent, $1.8 billion).
The report also presented a detailed analysis of one important region of the continent, North Africa. The region faces an even larger financing gap than Africa as a whole, with total public climate finance from 2010-2020 at a level that is only 7 per cent of that needed to meet NDC goals over the next 10 years.
Moreover, only 20 per cent of that finance went to pure adaptation projects.
“As we look forward to COP27, we must generate a breakthrough on finance for climate adaptation,” said Patrick Verkooijen, chief executive of the Global Center on Adaptation, He added:
The Africa Adaptation Acceleration Program endorsed by the African Union, is the best vehicle we have to ensure the adaptation investment shortfall in Africa is met with action from all available sources, including the private sector.
The report also highlighted the need to develop new sources of financing. These could include commercial banks, private equity and venture capital, institutional investors, insurers, large corporations, national development banks, multilateral and national climate funds, foundations and non-profits.
The report identified numerous barriers to increasing the flow of adaptation finance. The three main strategies outlined are:
The report also made policy-shaping recommendations in key areas such as livestock, agriculture, cities, nature-based solutions, blue economy and coastal erosion.
We are a voice to you; you have been a support to us. Together we build journalism that is independent, credible and fearless. You can further help us by making a donation. This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together.
.png)
Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.