Africa is projected to lose around $30 billion in Gross Domestic Product (GDP) by 2030 as a result of climate change effects on the continent.
This is according to international financial experts at the Association of African Development Finance Institutions (AADFI).
In an address to participants, Thabo Thamane, head of the Association of African Development Finance Institutions (AADFI) told participants in during an address at a three-day forum in Abuja.
He explained that if not addressed, the effects of climate change could lead to losses amounting to about 15% of Africa’s GDP by 2050.
In his words, “Africa is estimated to lose 5% to 15% of its projected GDP by 2050 with a projected climate adaptation cost of $10 billion to $30 billion annually by 2030.”
Apart from the potential adverse outcomes that African nations might encounter without action against climate change, Thamane cautioned that other regions of the world could also be affected.
He highlighted the global impact of climate change, citing examples such as the shifting rain patterns and increased temperatures leading to extreme rains in Latin America.
He said, “These scenarios suggest that no region is immune to the effects of climate change.”
What you should know
Despite contributing a meagre 4% to global greenhouse emissions, Africa is poised to be the most hit by climate change effects in the world.
The African Development Bank reports the continent is the most vulnerable to the negative impacts of climate change which manifests in food insecurity, deteriorating natural ecosystems, conflicts etc.
The World Meteorological Organisation (WMO) reports that around 110 million people on the continent were affected by weather, water and general climate-related problems in 2022. This results in about $8.5 billion loss in a continent desirous of economic growth.
UNEP-commissioned research reveals that the cost of adapting to climate change in Africa could reach $50 billion per year by 2050.
The AfDB estimates that Africa will need around $3 trillion in investments by 2030 for the continent to mitigate and adapt to meet the Nationally Determined Contribution (NDC).
