The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, revealed that Africa is losing between $7 billion and $15 billion each year to the impacts of climate change.
Dr. Adesina shared this alarming statistic during a media conference in Nairobi, held on the sidelines of the ongoing AfDB Annual Meetings 2024. These meetings mark the 60th anniversary and 59th Annual Assembly of the AfDB, as well as the 50th meeting of the African Development Fund (ADF).
Adesina highlighted the disproportionate burden Africa bears despite its minimal contribution to global emissions. The continent, which accounts for only 3-4% of global emissions, is suffering severe consequences from climate change.
“If immediate action is not taken, Africa’s annual losses to climate change could escalate to $40 billion by 2030,” Adesina warned. “We are losing much of our potential for something we did not cause.”
He emphasized that the continent’s struggle is evident from extreme weather events, such as Malawi’s worst drought in memory, Zimbabwe’s national emergency due to severe drought, and devastating floods in Mozambique.
Adesina called for urgent global financial support to enhance Africa’s resilience and facilitate adaptation measures. “Africa’s economic future depends on building resilience to these shocks because climate change is devastating the whole continent,” he stated.
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