Africa needs $277bn annually to address Climate Change – AfDB President, Adesina

Africa needs $277bn annually to address Climate Change – AfDB President, Adesina

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Dr. Akinwumi Adesina, President of the African Development Bank, emphasized the urgent need for substantial financial resources to combat climate change in Africa.

Speaking at the Islamic Development Bank’s 50th anniversary event in Riyadh, Saudi Arabia, Adesina underscored that the continent requires a staggering $277 billion annually for this purpose.

Despite this monumental requirement, Adesina lamented that Africa currently only receives a fraction of this amount, totaling a mere $30 billion per year. In response to this funding gap, he announced the African Development Bank’s ambitious goal of mobilizing $25 billion specifically for climate adaptation efforts by the year 2025.

Adesina‘s remarks highlight the significant disparity between the financial resources required to address climate change in Africa and the actual funds allocated to the continent. He stressed the critical importance of scaling up financial commitments to meet the pressing challenges posed by climate change across the continent.

Mr. Akinwunmi Adesina emphasized that the global community must mobilize a staggering $4 trillion annually to effectively achieve the Sustainable Development Goals. This underscores the immense scale of financial resources needed to tackle not only climate change but also broader sustainable development objectives worldwide.

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