Akinwunmi Adesina, President of the African Development Bank (AfDB), has revealed that Africa is losing between seven and fifteen billion dollars each year due to the devastating effects of climate change. He shared this alarming information during a media conference in Nairobi, held alongside the AfDB Annual Meetings 2024.
The News Agency of Nigeria (NAN) reports that this year’s event marks the 60th anniversary of the AfDB, its 59th Annual Assembly, and the 50th meeting of the African Development Fund (ADF).
Adesina emphasized that although Africa contributes minimally to global emissions—accounting for only three to four percent—the continent disproportionately suffers from environmental degradation. He warned that without immediate intervention, annual losses could soar to 40 billion dollars by 2030.
“Africa is losing seven to fifteen billion dollars annually to climate change. If this trend continues, the losses could reach approximately 40 billion dollars per year by 2030,” Adesina stated. “We are losing significant potential for something we did not cause, as Africa accounts for only three to four percent of global emissions. Yet, the continent is disproportionately affected by the negative impacts of climate change, exacerbating the strain on already vulnerable economies.”
Adesina highlighted extreme weather events across the continent, citing Malawi’s worst drought in memory, Zimbabwe’s declaration of a national emergency due to severe drought, and Mozambique’s devastating floods as examples of the ongoing climate crisis.
He stressed the urgent need for global financial support to enhance Africa’s resilience and facilitate adaptation measures. “The future of Africa’s economy depends on building resilience to these shocks, as climate change is devastating the entire continent,” he concluded.
The AfDB president’s call for action underscores the critical need for a coordinated international response to support Africa in mitigating and adapting to the impacts of climate change.
Credit: (NAN) Text Excluding Headline
