African Development Bank (AfDB) Group President Akinwumi Adesina said Africa will need about $2.7 trillion by 2030 to finance climate change.

Mr Adesina said this at the ongoing 2023 AfDB Annual Meeting in Sharm El Sheikh, Egypt, on Monday.

The theme of the meetings is Mobilising Private Sector Financing for Climate and Green Growth in Africa.

The bank president said climate change was causing tremendous havoc in many parts of the continent, noting that in the Sahel, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity.

He explained that in vast areas of Eastern Southern Africa and the Horn of Africa in particular, there was a combination of drought and floods causing massive losses.

“Africa loses seven to $15 billion a year from climate change that is estimated to rise to $50 billion by 2040 at the current trend.

“Just to be clear, Africa is being shortchanged by climate finance. Africa will need $2.7 trillion by 2030 to finance climate change needs as per the nationally determined contributions of Africa.’’

According to him, Africa gets a very paltry $30 billion in climate finance and clearly, needs major support to adapt to climate change which it did not cause.

On adaptation, Mr Adesina said it would cost about $250 billion and $407 billion by 2030 regarding Africa’s need to adapt to climate change.

He reiterated that finance was key to adapting to climate change on the continent, adding that a lot more was required to support countries on the continent.

“And that is why the AfDB, in fulfilling our leadership role, launched together with the Global Center on Adaptation, what is called the African adaptation acceleration program.

“The programme is to mobilise $25 billion of support for climate adaptation in Africa.

“We are also putting our money as we are about as a bank today. We devote roughly 67per cent of our climate finance to adaptation.

“We made a commitment to provide 40 per cent of our total financing for climate finance; we have exceeded that today, we had 45 per cent of our total financing go into climate,’’ he said.

He said Africa’s finance for climate for the private sector would have to grow by 36 per cent annually, adding that about $213 billion in private sector financing was needed yearly.

While stating some projects achieved by the bank, Mr Adesina restated the need to mobilise private financing for green infrastructure.

“ It’s not just infrastructure, quality infrastructure, but green infrastructure. And that’s why we have launched the Alliance for Green Infrastructure in Africa.

“We need to prepare the bankable projects for the private sector to invest in, and that’s why under the alliance for green infrastructure.”

(NAN)