Africa has been losing 5-15% of its per capita GDP growth due to climate change and its related impacts, but needs around $1.6 trillion between 2022 and 2030 to meet its national determination contributions.
says Kevin Urama, interim chief economist and vice president of the African Development Bank Group (www.AfDB.org).
Speaking at a panel discussion, titled “Ownership of African Countries in Setting the Climate Agenda”, on the sidelines of the Egypt International Cooperation Forum (www.EgyptICF-AfricanMinisters.com) (Egypt-ICF 2022) in Cairo On Wednesday, Urama urged developed nations to close the “climate finance gap.”
Several senior officials represented the bank at the event, notably its Vice President for Energy, Climate and Green Growth, Dr. Kevin Kariuki, and its Vice President for Private Sector, Infrastructure and Industrialization, Mr. Solomon Quaynor.
“As a whole, African countries received just $18.3 billion in climate finance between 2016 and 2019,” Urama said.
“This results in a climate finance gap of up to $1,288.2 billion annually from 2020 to 2030.” The chief economist added: “These sums reflect how the crisis is.
Climate change severely affects Africa, while the continent contributes only 3% of global emissions.
The global community must honor its $100 billion commitment to help developing countries and African economies mitigate and adapt to the impacts of climate change.
Investing in climate adaptation in the context of sustainable development is the best way to deal with the impacts of climate change, adding that gas must remain included in the continent’s plan for the gradual transition to clean energy.”
Urama highlighted that since the 1850s, countries have managed to transition away from coal and use gas as a transition to cleaner energy.
He also stated that Africa had great potential in terms of green investment opportunities that the private sector, including banks, could take advantage of.
Egyptian Environment Minister Yasmine Fouad highlighted Egypt’s National Alignment Strategy for both climate mitigation and adaptation.
She said that she had five key pillars.
Fouad explained: “The first pillar focuses on how we can adopt a low greenhouse effect path, which focuses on the sectors related to renewable transport, gas, industry and waste.
The second relates to adaptation and how best to make communities more resilient.
The third and fourth are focused on how to protect coastal areas and have more accessibility and availability of water.
The last one is about the need to develop smarter and more integrated concoctions and that is the stereotype of a climate strategy.” Fouad added: “To fight climate change, you can’t just rely on the government, or just the private sector, but it’s an integration between the government, civil society and the private sector.”
Ghada Wally, Executive Director of the United Nations Office on Drugs and Crime and Director General of the United Nations Office at Vienna, said: “Women and youth are among Africa’s best assets and highlighted the importance of exploring ways to take advantage of this important asset for the sake of the sustainable development of the continent”.
 Nationally Determined Contributions or “NDCs” are submitted by countries under the Paris Agreement of the United Nations Framework Convention on Climate Change.
They represent promises of climate action that aim to limit global warming to well below 2 degrees C, to 1.5 degrees C, above pre-industrial levels.