• Thursday, June 20, 2024
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Africa loses 5% of GDP to climate change – expert

Tackling the crisis of biodiversity

Despite representing just 17 percent of the world’s population and emitting just 4 percent of global pollution, Africa stands as the most affected continent in terms of climate change, losing on average 5 percent of Gross Domestic Product (GDP).

A senior environmental expert from the Economic Commission for Africa (ECA), Linus Mofor, noted that “African economies are losing on average 5 percent of GDP because of climate change, increasing up to 15 percent in some countries.”

He spoke during a virtual meeting on ‘partnerships for tools and capacities to integrate climate resilience in investments for the SDGs,’ organised on the margins of the Eighth Africa Regional Forum on Sustainable Development (ARFSD8).

Other panellists included representatives from the African Union, the African Development Bank and the World Bank Group, who all noted that in the absence of global concerted action on keeping warming at below 1.5 degrees, African countries must be supported with the tools and capacities needed to integrate climate resilience in the huge investments needed to close development gaps.

Read also: Lagos, GIZ collaborate to improve investment climate for businesses

Mofor explained that African countries have shown “great leadership” on climate action, stating, “all but two African countries have ratified the Paris Agreement with ambitious NDCs requiring up to USD 3 trillion for implementation.”

He underscored the need for significant investments to be made on African youth SMEs in order to turn them into successful and impactful global businesses that address climate change issues.

Professor Ken Strzepek, Industrial Economics Inc, while introducing the Africa Climate Resilient Investment Facility (AFRI-RES) tools and capacity development program emphasised that ”the issue on how to provide Africa with adequate tools and capacities to build an integral climate resilient Africa should be addressed with actions.”

AFRI-RES is a partnership between the Africa Union, African Development Bank, the United Nations Economic Commission for Africa (ECA), and the World Bank Group that was established with support from the Nordic Development Fund (NDF).

It seeks to set up an Africa-based centre of technical competence and excellence to assist governments, planners and private developers in Africa to integrate climate change in project planning and design, thereby attracting funding from both development and climate finance sources.