The impact of global warming is costing African nations up to 5% of their economic output, according to the United Nations climate chief.
This was stated on Thursday by the Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), Simon Stiell, at a meeting of African ministers of environment in Abidjan, Ivory Coast,
Calling for more investments to help adapt to climate change, Stiell said, “the climate crisis is an economic sinkhole, sucking the momentum out of economic growth.”
“Africa’s vast potential to drive forward climate solutions is being thwarted by an epidemic of underinvestment,” he said, per Reuters report.
Stiell added that, “Africa’s vast potential to drive forward climate solutions is being thwarted by an epidemic of underinvestment. Of the more than $400 billion spent on clean energy last year, only $2.6 billion went to African nations.”
Reuters reported that the African continent, which has been majorly affected by climate change despite releasing far less polluting emissions than the industrialised world, receives just 1% of annual global climate finance.
The report added that although the continent has attracted new investors in climate mitigation and adaptation projects in recent years, it gets a very small portion of the $100 billion in financing available globally, African government officials say.
It would be recalled that African institutions gathered key stakeholders in Abidjan recently to align Africa’s climate action priorities ahead of the COP29 conference scheduled for November.
