On Monday, top representatives from international organizations and African heads of state convened in Rotterdam to discuss climate change financing in Africa.
According to officials, wealthy nations have pledged to invest around $25 billion by 2025 to support Africa’s attempts to adapt to climate change as the continent continues to struggle with drought, cyclones, and high heat.
The Africa Adaptation Acceleration Program, a joint project between several countries and organizations, is hailed as the largest worldwide adaptation effort ever given the sum offered.
The African Development Bank has agreed to contribute half of the total, while representatives from Denmark, the United Kingdom, France, the Netherlands, the International Monetary Fund, and other organizations have also expressed support for the project.
Although the continent is home to close to 17% of the world’s population and only produces 3% to 4% of emissions, experts say it is particularly vulnerable to climate change because it is less able to adapt.
The money will be used by African countries to strengthen their capacity for renewable energy sources, safeguard biodiversity, and increase their resilience to catastrophic weather events like droughts and floods.
The COP27 that will take place soon, according to many speakers at the event, is the ideal venue for resolving the concerns.
“I think it is entirely possible for the key players to come together behind this for COP27,” said Chair of the Global Center on Adaptation Ban Ki-moon.
“We must double down on climate finance adaptation for Africa at COP27. Double down, it was promised in Glasgow. It has to be delivered two months from now,” added CEO for Global Center on Adaptation Patrick Verkooijen.
Just a few weeks prior to the meeting, the Organization for Economic Cooperation and Development revealed that wealthy nations had fallen short of their 2009 commitment to invest $100 billion annually to help developing nations adapt to a changing environment.
The organization reported that $83.3 billion, the greatest amount ever but still less than the initial amount, was granted to less developed countries in 2020.
The long-term objective will ultimately be accomplished if the monies promised at the Rotterdam meeting are delivered, but African states worry that this will not be sufficient.
To carry out its responsibilities under the Paris Climate Agreement, Africa will need between $1.3 and $1.6 trillion this decade, or between $140 and $300 billion annually. African Development Bank President Akinwumi Adesina,
Adaptation to climate change is anticipated to become more expensive by 2050 as the consequences of global warming worsen.
At the upcoming UN meeting in Egypt in November, Ghana’s President Nana Akufo Addo stated his nation will ask for the funding designated for climate change adaptation to be doubled.
Many African nations are still suspicious about whether the promised monies would ever reach the continent after decades of industrialized countries breaking their funding commitments.
Mahmoud Mohieldin, the U.N. High-Level Champion for Egypt on Climate Change, claimed that the current global climate financing system is “insufficient and ineffective,” particularly for Africa.
