Africa loses $15bn annually due to climate change — AfDB president

Date:

African Development Bank Group President Dr. Akinwumi Adesina

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June 14, 2024.

Azonuchechi Chukwu.

Dr Akinwumi Adesina, president of the African Development Bank (AfDB), says Africa loses between seven billion dollars and 15 billion dollars annually due to climate change.

The President of the bank, Dr Akinwumi Adesina said this during an interview with the British Broadcasting Corporation (BBC).

According to him, this is in spite contributing only three per cent of global emissions.

Adesina said that Africa was at the forefront of climate change’s impacts, which had devastating effects on agriculture and economies.

“In response, the AfDBank has inaugurated ambitious initiatives to build resilience and adapt to a changing climate.

“The AfDB has committed to doubling its climate finance to 25 billion dollars by 2030, focusing on the African Adaptation Acceleration Programme.

“This programme aims to deploy 25 billion dollars for climate adaptation, making it the largest globally.

“Additionally, the AfDB has created a climate action window with an initial investment of 429 million dollars, expected to grow to 13 billion dollars,’’ he said.

Adesina said this window supports vulnerable countries with crop insurance, land restoration, and climate information services.

He said Innovative financial mechanisms played a crucial role in supporting these climate adaptation initiatives.

Adesina said the bank had begun using partial credit guarantees, which enabled countries like Benin, Senegal, and Cote d’Ivoire to raise significant capital at lower interest rates.

“For example, Benin raised 400 million dollars from Chinese investors using a 195 million dollar partial credit guarantee.

“The AfDB also facilitated Egypt’s Panda Bond issuance, allowing the country to secure 500 million dollars from Chinese markets.

“These financial innovations reduce the cost of borrowing for African countries and encourage long-term investments in climate resilience.

“In spite of the challenges posed by climate change, Africa is leading the charge in innovative solutions and sustainable development,’’ he said.

The AfDB boss, therefore, said that the global financial architecture was not serving Africa’s interests very well, thus requiring change.

On Special Drawing Rights (SDRs), he said the bank was championing the course on the need for Africa to take those SDRs and use them better. (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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