By Ezekiel David
The effects of climate change are costing African countries up to 5% of their GDP, according to UN climate director Simon Stiell.
Speaking in Abidjan, Ivory Coast, to a gathering of African environment ministers, Stiell underlined the pressing need for more funding to support the continent’s adaptation to climate change.
Despite contributing far less to global emissions than industrialised nations, climate change disproportionately affects Africa. The continent, comprising 54 nations, receives just 1% of the global climate finance available annually. “The climate crisis is an economic sinkhole, sucking the momentum out of economic growth,” Stiell stated.
At the pre-COP29 preparatory meeting, African governments and climate negotiators discussed strategies to address these challenges. Although there has been a recent uptick in investments for climate mitigation and adaptation projects, African nations still receive only a small fraction of the $100 billion in global climate financing.
Officials estimate that $1.3 trillion is needed to adequately address the continent’s climate challenges, though no specific timeline was provided.
Stiell highlighted the need for $4 billion annually to eliminate the use of traditional cooking fuels like wood, which contribute to greenhouse gas emissions. He noted that of the $400 billion spent on clean energy globally last year, only $2.6 billion was directed to Africa.
Droughts and floods that have affected most of Africa due to climate change have negatively impacted food production, increased costs, and exacerbated hunger.
As COP29 in Baku approaches, there is an increasing desire in Africa to receive further climate financing. Hanan Morsy, chief economist of the United Nations Economic Commission for Africa (UNECA), has suggested innovative finance solutions like debt refinancing, swaps, and carbon markets to support adaptation without adding to debt loads.
(Source: Reuters)