• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      February 25, 2021

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      February 25, 2021

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      February 25, 2021

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      February 25, 2021

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      February 25, 2021

      Oil and Gas

      OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement

      February 25, 2021

      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      February 25, 2021

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      February 24, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      The bull run still has legs despite inflation concerns

      < 1 min

      Analyst Insight

      Incorporating three lines of defence in data privacy schemes

      < 1 min

      Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      February 25, 2021

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

Frontpage WORLD BUSINESS & ECONOMY

Africa loses up to $15bn yearly from climate change, laments Adesina, AfDBchief

Ben Eguzozie
Ben Eguzozie is business a.m. regional lead based in Port Harcourt, providing regional and national  coverage for economy, business and finance
You can contact him on ben.eguzozie@businessamlive.com with stories and commentary.

January 27, 2021179 views0 comments

 

  • To rise to $50bn by 2040 – IMF
  • Says AfDB commits additional $12.5bn to climate finance
  • Collective actions needed to help continent adapt to climate change

 

 

Africa is losing between $7 billion and $15 billion annually from the vagaries of climate change, said AkinwumiAdesina, president of African Development Bank (AfDB), while addressing global leaders at the 1st Climate Change Adaptation Summit in Davos, Switzerland.

Read Also:

  • Nigeria, Egypt, Kenya, South Africa lead Africa’s home-tech market, with…
  • Africa and the decade of COVID-19 (5)
  • Africa and the decade of COVID-19 (4)
  • Insurance M&A record highest growth in Africa, Middle East in 2020
  • Japan steps up Africa tech-funding as Tokyo VC stakes $15m on startups

Africa loses up to $15bn yearly from climate change, laments Adesina, AfDBchief

Meanwhile, the International Monetary Fund (IMF) said the loss could rise to a whopping $50 billion by 2040.

From the locust swarms devastating thousands of hectares of crop land in East Africa, perennial droughts and encroaching deserts that lay bare the vulnerability of the Sahel of Africa, scotching lives into misery and driving migration, to the inundation of coastal towns and villages, the continent is beleaguered on every side.

Adesina said Africa needs to be heard, and collective actions taken to help the continent adapt to climate change.

“We gather, carrying the hopes and aspirations of people. We speak, not because we want to be heard, we speak for those who need to be heard,” he said.

He informed that the AfDB has increased its climate finance by 400 percent –rising from earlier 9 percent of its total finance in 2016 to 38 percent in 2019. “We expect to reach 40 per cent in climate finance this year,” Adesina said.

The bank has committed an additional $12.5 billion to climate finance between 2020 – 2025, all to be committed 100 per cent to climate adaptation, he said.

“To do more for Africa, we are building strategic partnerships. That’s why I am delighted to have partnered with the former UN Secretary General Ban Ki-Moon to establish the Global Centre for Adaptation-Africa (GCA-Africa), hosted at the African Development Bank.

“Our ambition is bold: to galvanize climate resilience actions; support countries to accelerate and scale up climate adaptation and resilience; and mobilize financing at scale for climate adaptation in Africa,” Adesina said.

Indeed, AfDB and GCA-Africa have launched the ‘Africa Adaptation Acceleration Programme’ to mobilize $25 billion in new climate finance for Africa –and to scale up innovative and transformative actions on climate adaptation across Africa.

“Our Digital Agriculture Flagship will leverage $2 billion to deliver digital climate advisory services to reach 300 million farmers by 2030. We will roll out the first Digital Agriculture Financing Facility for Africa,” he said.

Adesina said the AfDB’s ‘Youth Adaptation’ flagship will unlock $3 billion for the youth, support 10,000 youth-led SMEs in climate resilience, and build capacity for one million youth on climate adaptation.

Meanwhile, the nank will scale up its ‘Africa Disaster Risk Facility,’ which has already provided $10 million to insure countries against extreme weather risks, including Madagascar, Mauritania, Zimbabwe and Niger.

“We will also scale up the bank’s Technologies for African Agricultural Transformation (TAAT) which has leveraged $450 million and provided 19 million farmers with climate resilient agricultural technologies in 27 countries –raising farmers’ average yields by 60 percent,” the AfDB chief also said.

The ‘Africa Adaptation Acceleration Programme’ is expected to deliver climate adaptation for Africa at scale, and Adesina soughtrobust support for the programme.

Adesina said, particularly, that it is Africa’s platform for rapid climate adaptation, noting that this is the time for scaled-up actions on climate adaptation for Africa. “Africa must not be short-changed by climate finance. It is time to act, for Africa can no longer wait. The African Development Bank and the Global Centre for Adaptation-Africa (GCA-Africa) are geared up for transformative actions,” he said.

 

 

Share on Facebook Tweet Email
PreviousPort Harcourt DisCo explains meter distribution strategy
NextPipeline repairs cost NNPC N75.23bn in one year  

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • The bull run still has legs despite inflation concerns
  • Africa and the decade of COVID-19 (5)
  • Reworking Public Sector: AI and public service delivery
  • Incorporating three lines of defence in data privacy schemes
  • How India Could Win Its COVID Vaccination Race

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Airtel gains most in August NCC subscriber porting data 

Frontpage October 5, 2020

1
2

Marriott International to invest $8.5m in African markets as it strengthens presence in Nigeria, others

Frontpage October 10, 2017

3

President Buhari to sign N10.8tn revised budget today — Finance minister

Frontpage July 10, 2020

4

February PMI index falls

Frontpage February 28, 2019

5

Nigeria SMEs, commuters hard hit as fuel scarcity returns

Frontpage January 22, 2018

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.