The World Bank Group has unveiled a new plan that calls for $16 billion in funding to help African people and countries adapt to climate change and build up the continent’s resilience to climate shocks.
Entitled ‘Accelerating Climate-Resilient and Low-Carbon Development’, the Africa Climate Business Plan will be presented at COP21, the global climate talks in Paris, on November 30.
At a ceremony on Tuesday, the Bank laid out measures to boost the resilience of the continent’s assets – its people, land, water, and cities – as well as other moves, including boosting renewable energy and strengthening early warning systems.
“Sub-Saharan Africa is highly vulnerable to climate shocks, and our research shows that could have far-ranging impact — on everything from child stunting and malaria to food price increases and droughts,” said World Bank Group President Jim Yong Kim. “This plan identifies concrete steps that African governments can take to ensure that their countries will not lose hard-won gains in economic growth and poverty reduction, and they can offer some protection from climate change,” the Bank explained.
Per current estimates, the plan says that the region requires $5-10 billion per year to adapt to global warming of 2°C.
The World Bank and the United Nations Environment Programme estimate that the cost of managing climate resilience will continue to rise to $20-50 billion by mid-century, and closer to $100 billion in the event of a 4°C warming.
Of the $16.1 billion that the ambitious plan proposes for fast-tracking climate adaptation, some $5.7 billion is expected from the International Development Association (IDA), the arm of the World Bank Group that supports the poorest countries.
About $2.2 billion is expected from various climate finance instruments, $2.0 billion from others in the development community, $3.5 billion from the private sector, and $0.7 billion from domestic sources, with an additional $2.0 billion needed to deliver on the plan.
“The Africa Climate Business Plan spells out a clear path to invest in the continent’s urgent climate needs and to fast-track the required climate finance to ensure millions of people are protected from sliding into extreme poverty,” the World Bank Group Vice President for Africa, Makhtar Diop explained.
Diop pointed out that while adapting to climate change and mobilising the necessary resources remained an enormous challenge, the plan represented a critical opportunity to support a priority set of climate-resilient initiatives in Africa.”