The African Development Bank (AfDB) President, Dr. Akinwumi Adesina, has revealed that Africa loses between $7 billion and $15 billion annually due to climate change.
He made this statement during a media conference at the ongoing AfDB Annual Meetings 2024 in Nairobi.
The meeting commemorates the 60th anniversary and the 59th Annual Assembly of the African Development Bank (AfDB), as well as the 50th meeting of the African Development Fund (ADF).
He emphasized that Africa, which accounts for only 3-4% of global emissions, bears the disproportionate burden of environmental degradation catastrophes. He warned that the situation would worsen if immediate action is not taken, with Africa’s annual losses potentially skyrocketing to $40 billion by 2030.
“Africa loses $7-15 billion a year to climate change. If that does not change, that will grow to roughly $40 billion annually by 2030,” Adesina said. “That means we are losing much of our potential for something we did not cause because Africa did not account for more than 3-4% of climate emissions.”
The AfDB president highlighted the 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.
Adesina cited examples of extreme weather events affecting Africa, including Malawi’s worst drought in memory, Zimbabwe’s declaration of a national emergency due to severe drought, and Mozambique’s devastating floods.
The AfDB president emphasized the need for action beyond mere acknowledgement, stressing the importance of global financial support to address the climate crisis in Africa.
