The World Bank Group has announced a new plan seeking $16 billion in funding to help African people and countries adapt to climate change and make the continent more resilient to climate shocks.
The Africa Climate Business Plan, titled “Accelerating Climate Resilient Low Carbon Development”, is due to be launched at the world climate conference COP21 in Paris on November 30, according to a statement tracked by the Online Media Briefing Centre (OMBC).
The plan outlines measures to make the continent's assets – people, land, water and cities – more resilient, as well as initiatives such as promoting renewable energy and strengthening early warning systems.
“Sub-Saharan Africa is highly vulnerable to climate shocks, which our research shows can have far-reaching effects on everything from child stunting and malaria to rising food prices and drought,” said World Bank Group President Jim Yong Kim.
“The plan identifies concrete steps African governments must take to ensure that African countries do not lose hard-won gains in economic growth and poverty reduction, and to provide some protection from climate change.”
Based on current estimates, the plan says the region needs $5-10 billion per year to adapt to 2°C of global warming.
The World Bank and the United Nations Environment Programme predict that the costs of managing climate resilience will continue to rise to between $20 billion and $50 billion by mid-century, reaching nearly $100 billion if temperatures rise by 4°C.
The ambitious plan proposes $16.1 billion in financing to fast-track climate adaptation, of which about $5.7 billion would come from the International Development Association (IDA), the World Bank Group arm that helps the poorest countries. About $2.2 billion would come from various climate finance instruments, $2 billion from other institutions in the development community, $3.5 billion from the private sector, and $700 million from domestic sources, with a further $2 billion needed to implement the plan.
“The Africa Climate Business Plan provides a clear pathway to rapidly mobilize the climate finance needed to invest in the continent's urgent climate needs and prevent millions of people from falling into extreme poverty,” explained Makhtar Diop, World Bank Group's Vice President for Africa.
“While adapting to climate change and mobilizing the necessary resources remain major challenges, this plan represents an important opportunity to support a set of priority climate resilience initiatives in Africa,” Diop added.
In another development, ahead of the 2015 United Nations Climate Change Conference (COP21), scheduled to be held in Paris from November 30 to December 11, Nigeria is yet to define its Nationally Determined Contribution (INDC), which will comprise elements aimed at addressing poverty, environmental and socio-economic issues in the country.
The Minister of Environment, Amina Mohammed, disclosed this at a press conference on climate change in Abuja.
According to Mrs. Mohammed, Nigeria has attracted many issues to put on the table, including how to tackle erosion in the South-East, desertification in the Northern region, and gas and oil pollution in the Niger Delta region.
She added that the federal delegation to the conference would consist of 41 government officials, but “that number may be reviewed before the conference begins, some of whom will be members of the negotiating team.”
She said the country would greatly benefit from vigorous discussions, particularly the Lake Chad issue, which would be central to the agenda, as well as other issues such as community engagement in education and information sharing.
