Global leaders have pledged their unflinching support to African economies in order to better adapt to the impacts of climate change.
Starting off the next decade with COVID-19 has slowed efforts in the continent’s progress towards climate change adaptation. However, African presidents together with notable global leaders have reignited support for bold actions to build forward better.
Contributing just 5% to global emissions, Africa now needs to tackle the impact of climate change as well as COVID-19. Currently, an estimated amount of between $7 billion and $15 billion is required each year for such efforts. This amount is estimated to rise to $50 billion each year by 2040.
More so, these remarks were shared in a virtual Leader’s Dialogue convened by the African Development Bank, the Global Centre on Adaptation, and the Africa Adaptation Initiative.
With more than 30 presidents and global leaders in attendance, the consensus reached by all was to rally behind the Africa Adaptation Acceleration Program. The program’s objective is to mobilize in excess of $25 billion to accelerate climate change adaptation actions in Africa.
Meanwhile, Global leaders that were present include Ban Ki-moon, the former Secretary-General of the UN; UN Secretary-General, Antonio Guterres; US Treasury Secretary, Janet Yellen, on behalf of President Joseph Biden; the Chief Executive of the French Development Agency, Remy Rioux on behalf of Emmanuel Macron; Kristalina Georgieva, IMF Managing Director.
President Felix-Antoine Tshisekedi Tshilombo of the Democratic Republic of Congo, and African Union Chairperson, called on all leaders to revitalize efforts towards climate ambitions and accelerate the implementation of planned actions under national priorities.
“To do this, we will need to focus on actions to adapt to the impacts of climate change. These include nature-based solutions, energy transition, enhanced transparency framework, technology transfer and climate finance.”
Supporting Africa to build forward on climate change adaptation
According to Ban Ki-moon, the 8th Secretary-General of the United Nations and the Chair of the Global Centre on Adaptation:
“The Covid-19 pandemic is eroding recent progress in building climate resilience and leaving countries and communities more vulnerable to future shocks. Africa must make up for lost ground and lost time.
“Climate change did not stop because of Covid-19, and neither should the urgent task of preparing humanity to live with the multiple effects of a warming planet.”
Ban-Ki Moon, Chair of Global Centre on Adaptation
Moreover, African Development Bank President Dr. Akinwumi A. Adesina said: “With our partners, we intend to mobilize $25 billion in financing for the success of the Africa Adaptation Acceleration Program.
“It is time for developed countries to meet their promise of providing $100 billion annually for climate finance. And a greater share of this should go to climate adaptation. So far, more than 20 trillion dollars have gone into Covid-19 stimulus packages in developed countries.
“The International Monetary Fund’s plan to issue $650 billion of new Special Drawing Rights (SDRs) to boost global reserves and liquidity will be enormously helpful to support green growth and climate financing for economic recovery.
Dr. Akinwumi A. Adesina, AfDB President
Furthermore, speaking on behalf of the US President, Joseph R. Biden, US Treasury Secretary Janet Yellen indicated that the US remains committed to offering continuous support to Africa. While Africa is the least contributor to climate change, it is however suffering the worst of its effects.
Additionally, IMF’s Kristalina Georgieva also added her voice to the call for support. She indicated that the “pandemic has shown us the importance of investing in people. And that is so so very valuable for Africa, which has a fast-growing young population.”
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