Dr Akinwunmi Adesina, the Group President, African Development Bank (AfDB), said Africa is losing about seven to 15 billion dollars annually to the ravages of climate change.
Adesina said this during a media conference in Nairobi on the sidelines of the ongoing AfDB Annual Meetings 2024.
The meeting marks the 60th anniversary and 59th Annual Assembly of the AfDB and the 50th meeting of the African Development Fund (ADF).
Adesina said while Africa contributed minimally to global emissions, it bore the disproportionate burden of environmental degradation catastrophes.
According to him, the continent, accounting for a mere three to four per cent of emissions, is unexpectedly suffering the most severe consequences of environmental upheaval.
He said the situation would worsen if immediate action was not taken, adding that by 2030, Africa’s annual losses to climate change could skyrocket to a staggering 40 billion dollars.
“Africa loses seven to 15 billion dollars a year to climate change. If that does not change, that will grow to roughly 40 billion dollars annually by 2030.
“That means we are losing much of our potential for something we did not cause, because Africa did not account for more than three to four per cent of climate emissions.
“But it is suffering today disproportionately from the negative consequences of climate change, which can amplify the strain on already vulnerable economies,” he said.
According to the AfDB president, the unfolding events clearly portray Africa’s struggle against the elements.
“From Malawi’s worst drought in memory to Zimbabwe’s declaration of a national emergency due to severe drought, Mozambique grappling with devastating floods, the continent is besieged by extreme weather events.
Adesina emphasised the need for action that was beyond mere acknowledgement, a need for global financial support to bolster Africa’s resilience and facilitate adaptation measures.
“Africa’s economy’s future is going to depend on building resilience to these particular shocks because climate change is devastating the whole continent,” he said.