Nigeria, Others Losing $15bn To Climate Change – AfDB

The President, African Development Bank Group, Dr Akinwumi Adesina, has said that Nigeria and other African countries would lose between $7bn and $15bn per annum due to climate change.

Adesina said this in his opening speech at the launch of the Global Centre for Adaptation, Africa on Wednesday.

He said Africa’s major challenge was how to best adapt to climate change as it was wreaking havoc on economies, lives and livelihoods on the continent.

He recalled that in 2019, tropical cyclone Idai and Kenneth swept under the economies of Mozambique, Malawi and Zimbabwe, with 800 people dead and $2bn in losses.

“And just four years ago, El Niño devastated East and Southern Africa with severe droughts. It is estimated that from this year, Africa will lose $7bn to $15bn per year due to climate change,” Adesina said.

The president stated that one of the key priorities of his five-year tenure was for the bank to drive investments in green growth and climate finance for Africa.

He noted that the bank was already making progress with its financing for climate increased from nine per cent of its total portfolio in 2016 to 36 per cent by 2019.

According to him, by the end of 2021, AfDB would reach its target of 40 per cent of the total portfolio going into climate change financing.

He added that the bank had also committed to providing $25bn in climate financing by 2025 and implementing the Africa Disaster Risk Insurance Financing Mechanism to insure countries against losses from extreme climate events.

Adesina said, “As a bank, we are committed to helping Africa build back from the COVID-19 crisis, better, stronger and with greater health and climate resilience.

“Africa has been short-changed by climate change. Now, Africa should not be short-changed by climate finance.”

The AfDB president said the group would continue its efforts to build Africa’s climate resilience and would work together with the Global Centre for Adaptation to mobilise and bridge the financing gap for Africa’s climate adaptation.