May 23, 2022

…Says between seven and 15 billion dollars lost annually due to climate change

The African Development Bank (AfDB), says that Africa loses no fewer than 300,000 women and children annually to smoke from the use of firewood.

Dr. Akinwumi Adesina, the President of the AfDB Group, said this at a breakfast meeting with journalists ahead of the Bank’s Annual Meetings in Accra, Ghana on Monday.

Adesina said that women were mostly affected in a bid to prepare descent meals for their families while children get involved trying to help their mothers.

He said that nine out of the 10 most vulnerable countries to climate change were in Africa.

According to him, Africa is the second most vulnerable region to climate change in the globe.

Adesina said that climate change was killing African economies, noting that the continent loses between seven and 15 billion dollars due to climate change.

According to him, the amount is expected to rise to 50 billion dollars annually by 2040.

“Africa which accounts for just four per cent of the global greenhouse gas emissions is short-changed by climate finance.

“Africa’s financing needs to address climate change ranges between 1.3 trillion dollars to 1.6 trillion dollars in 2020 to 2030.

“Africa is not getting enough resources to tackle climate change. The continent gets only three per cent of total global climate finance.

“Climate financing mobilised globally falls short of Africa’s needs by 100 to127 billion dollars per year between 2020 to 2030.

“As per Paris agreement, African countries are committed to reducing their carbon emissions through energy transitions.

“The AfDB is spearheading investments in renewable energy.

“More than 86 per cent of the energy generation investments by the Bank are in renewable energy,’’ he said.

Adesina said the continent would not rely only on renewables rather, it needed a combination of renewables with natural gas to ensure stability and energy security.

“Natural gas must be part of Africa’s ‘Just Energy’ transition systems.

“It should be noted that even if Africa triples the use of gas for gas-to-power, it will contribute less than 0.67 per cent to global carbon emissions.

“So, Just Energy Transition must not shortchange Africa’s growth and development, especially stable energy to power its industrialisation,’’ he said.

The Bank’s Annual Meetings which opened today is scheduled to end on May 27. (NAN)