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…
