Climate change will wipe out $40 billion a year from Africa: Adesina

AFRICA will lose more than $40 billion a year by 2030 due to climate change, up from $15 billion today, the African Development Bank (AfDB) has said, amid calls to increase resilience to crises .

Officially opening the 59th AfDB annual meeting in Nairobi, Kenya, AfDB President Akinwumi Adesina said the effects of climate change were increasing both in terms of frequency, scale and intensity.

“And so the future of Africa’s economy will depend on building resilience to these particular shocks, because climate change is really devastating the entire continent. Let me also say that when we take a look at African economies, we are all in a world where today we face many obstacles to economic growth and global development. This happens due to many factors. The first is climate change. We are here in Kenya. I told you at the beginning how important it is, I mean, how devastating it has been. Africa loses between seven and 15 billion dollars a year due to climate change. “If that doesn’t change, it will rise to about $40 billion a year by 2030. And that means we are losing a lot of our potential to something we didn’t cause,” he said.

The 2024 annual meetings will be held under the theme Transforming Africa, the African Development Bank Group and reforming the global financial architecture.

Adesina said Africa accounted for no more than 3 to 4% of clean energy emissions.

However, he said the continent today suffers disproportionately from the negative consequences of climate change.

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“And so, harnessing that potential economic transformation that I talked about will depend on how the global financial system supports Africa to adapt to climate change. And how it supports Africa to build resilience and recover. I just talked about Kenya from those efforts against climate change. So those will be very critical issues that will determine the future of Africa. Now, let me talk about the economic issues of Africa, because when we talk about the transformation of Africa, there needs to be growth, and then it is necessary to have development. So when you look at our growth, of course, we are still recovering, like the rest of the world, from the tapering effect of COVID-19. , which is the one that affects your lungs, but it is also economic pulmonary COVID, which is the one in which the physical effects continue, even long after the virus itself has disappeared,” he said.

Adesina said Africa was recovering very well from those effects.

Africa’s real GDP growth rate last year was 3.1% and is estimated to grow to 3.7% this year and 4.3% in 2025, he said.

“So in terms of regrowth rates, Africa is doing well. And most importantly, if you want to see how resilient you are, just look at what the rest of the world is like, right? Today, 10 of the 20 fastest growing economies in the world, despite all these headwinds that I just talked about, are in Africa,” Adesina said.

So African economies are resilient in recovering from the impacts of climate change, but not just climate change, but also the geopolitical pressures, the risks that have arisen from Ukraine, Russia’s war in Ukraine, which also arise from the debt challenges encountered. many African countries face.”

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