African officials say unlocking climate financing key agenda at COP27

Nairobi [Kenya], November 4: Unlocking financing to help African countries deal with the climate crisis will be a key agenda at the upcoming 27th Conference of Parties to the United Nations Framework Convention on Climate Change (UNFCCC) summit to be held in Egypt from Nov. 6 to 18, officials said Thursday.
Speaking during the virtual launch of the State and Trends in Adaptation in Africa 2022 report, the officials stated that by hosting the global climate summit, the continent will be well-positioned to lobby for financial and technical support required to hasten its green transition.
AkinwumiAdesina, the president of the African Development Bank Group (AfDB), said that COP 27 presents an opportunity to bridge the funding gap that has derailed Africa's transition to a green and resilient future.
Despite bearing the brunt of climate emergencies, Africa receives annual climate financing of partly 18 billion U.S. dollars, yet the continent requires 128 billion dollars annually to deal with devastations linked to planetary warming, said Adesina.
Adesina revealed that Africa requires 41 billion dollars annually to support climate adaptation in key sectors of the economy including agriculture, energy, water, health, and forestry.
He emphasized that to bridge the 110 billion dollar climate financing gap, African countries should push for additional funds from multilateral lenders and wealthy bilateral partners during COP27.
"Part of this financing should support the establishment of climate resilient infrastructure and food systems that can withstand shocks like severe droughts and floods," said Adesina.
The 2022 State and Trends in Adaptation report for Africa notes that despite its minimal contribution to global greenhouse gas emissions, Africa is reeling from a host of climate emergencies, posing existential threats to ecosystems and livelihoods.
The fragility of food systems, water resources, human health, and economies has worsened against a backdrop of extreme weather events like droughts, forest fires, heatwaves, and cyclones sweeping over vast parts of Africa, said the report.
"The magnitude of many of these climate shocks can overwhelm communities, entire regions, or even small nations," said the report compiled by the Global Center on Adaptation, an international green lobby.
Josefa Leonel CorreiaSacko, the Commissioner for Rural Economy and Agriculture at the African Union Commission (AUC) said COP 27 will offer a platform for exploring innovative financing tools that could boost climate response in the continent.
Sacko emphasized that domestic resource mobilization when combined with friendly regulations to attract investments in green technologies has the potential to accelerate low-carbon and resilient growth in Africa.
Source: Xinhua