On Thursday 7th September, United Nations climate chief saidthat the impact of climate change is costing African nations up to 5% of their GDP and called for more investments to help adapt to rising temperatures.
African countries are baring the brunt of global warming, warming up faster than the global average and causing drought and bouts of flooding that have catastrophic consequences for the population. For instance, Bloombergnoted that heat waves in Egypt reduced the yield of wheat andcaused water shortages, increasing dependence on imported grain and energy. Severe droughts in Zambia also wiped-outhalf of its staple corn crop, heavily impacting economic growth.
Receiving just 1% of annual global climate finance, African governments are considering methods to drive investment at this year’s climate conferences. The required investments include $4 billion annually to alter traditional cooking methods across the continent that use wood and contribute to emissions.
Even though new investors have brought in climate mitigation and adaption projects in recent years, it is still a very minor number compared to the overall $1.3 trillion required. We will likely see growing calls for further climate financing for African countries in the run up to and including COP29.
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