Global warming is having a devastating impact on African nations, costing up to 5% of their economic output, according to Simon Stiell, executive secretary of the UN Framework Convention on Climate Change (UNFCCC). Speaking at a meeting of African ministers of environment in Abidjan, Ivory Coast, Stiell emphasized the urgent need for increased investment to help the continent adapt to the growing threat of climate change.
Despite being home to 54 nations and contributing far less to global carbon emissions than industrialized countries, Africa is disproportionately suffering from the effects of the climate crisis. From worsening droughts to more frequent and severe storms, climate change is severely hampering economic growth and development across the continent.
“African nations are losing valuable economic momentum due to climate change, yet receive only 1% of the world’s annual climate finance,” Stiell said. This is a far cry from the estimated US$1.3 trillion needed to address climate adaptation and mitigation on the continent, African officials said during the pre-COP29 preparatory meeting in Abidjan.
While Africa has attracted new investors in climate-related projects in recent years, the financing remains insufficient. Global commitments of US$100 billion annually for climate finance fall well short of Africa’s needs, highlighting a glaring gap in the resources available for countries on the front lines of the climate crisis.
As African nations prepare for COP29, there is a growing call for international action to increase financial support and ensure that African countries can not only mitigate the effects of climate change but also strengthen their economies in the face of this escalating challenge.