Developed nations have been called out for failing to honour their $100 billion-a-year commitment for climate finance.
The African Development Bank Group President Dr Akinwumi Adesina says Africa is being short-changed. He made the remarks at a media engagement at the Bank’s 2023 Annual Meeting in the Egyptian resort city of Sharm El Sheikh.
He notes that anywhere one looks in Africa, climate change is causing havoc. In the Sahel, hotter temperatures are causing water stress for crops and livestock as well as increasing food insecurity. Adesina says the in the East and Southern Africa, as well as in the Horn of Africa, a combination of droughts and floods are causing massive losses of people and infrastructure, resulting in a rise in refugees.
The Bank estimates, that Africa will need at least $2.7 trillion by 2030 to finance climate change needs. The Bank’s meeting of bank governors, African leaders and development partners is expected to explore practical ways in mobilising private sector financing for climate and green growth in Africa.
Africa Day is being observed. In South Africa President Cyril Ramaphosa is set to address an event at the Cradle of Humankind in Gauteng.
Africa Day commemorates the establishment of the Organisation of African Unity 60 years ago, and its transformation 20 years ago into the African Union (AU).
This year Africa Day is expected to focus on the development of the continent, regional integration, and the opportunities offered by the African Continental Free Trade Agreement (AfCTA).