African countries need $1.6 trillion to meet their 2030 climate commitments: experts

Experts of the African Development Bank and the International Monetary Fund (IMF) have said that African countries must mobilize $1.6 trillion over seven years to meet their pledges of Nationally Determined Contributions (NDCs) to resist the effects of climate change. Experts revealed this during a panel discussion at the African Development Bank’s African Economic Outlook 2022 program hosted by the IMF in Washington on Monday. “African countries must mobilize $1.6 trillion between 2022 and 2030 to meet their Nationally Determined Contributions to fight climate change,” an AfDB statement quoted meeting participants said on Wednesday. He noted that, so far, the continent has only received $18.3 billion annually, leaving a funding gap of $108 billion. “On current trends, Africa’s NDCs will not be achieved,” AfDB said. The NDC is a document that incorporates ambitious commitments and actions established by countries that have endorsed the Paris Agreement to effectively and efficiently reduce carbon emissions, thus mitigating the devastating impacts of climate change in their respective countries. ALSO READ: How inclusion can mitigate the impact of climate change: Report It also contains actions that countries intend to take to build resilience to adapt to the impacts of rising temperatures. Expert Presentation During his presentation, Acting Chief Economist and AfDB Vice President Kevin Urama noted that Africa has huge comparative advantages to lead the world in a new green transition, but the continent lacks the finances to do so. He said the findings of the 2022 African Economic Outlook show that the structure of climate finance is very complicated and creates a misallocation of resources. As a result, Mr. Urama said that the main goal of climate finance to support climate-vulnerable countries is not being achieved. “A fundamental and existential problem for Africa is climate change. The countries that receive climate finance are the least vulnerable,” said Mr. Urama. In his remarks, the Director of the IMF’s African Department, Abebe Selassie, noted that African policymakers face the unenviable task of having to invest trillions of dollars in a major energy transition that the region needs to advance its development. He said: “At the same time, they are being asked to think about the adverse effect this may have on climate change, but advanced countries that have benefited from climate-unfriendly policies are unwilling to support development in the region.” Mr. Selassie said that “this is an issue that policymakers bring to us when we engage with them on the financial challenges they face.” He described the findings of the 2022 African Economic Outlook as “sobering” and that it “raised some deep issues”. Similarly, the IMF’s Deputy Director of the Fiscal Affairs Department and Climate Change Policy Coordinator, James Roaf, identified adaptation as the biggest problem for Africa. He said: “The African Economic Outlook rightly highlights the need to integrate climate goals into broader sustainable development pathways. We need to focus on making the most of the opportunities offered by the clean energy transition so that climate adaptation and mitigation policies go hand in hand with growing prosperity.” “The mobilization of the private sector is essential, with policies such as carbon pricing to encourage investment in renewable energy or improving adaptation incentives by reinforcing property rights or strengthening regional trade,” Roaf said. Read More Related News Here Let here it in the comment below if you do have an opinion on this; African countries need $1.6 trillion to meet their 2030 climate commitments: experts