Gathered since Thursday, November 30th in Dubai, as part of the 2023 United Nations Climate Change Conference (COP28), African leaders called for a more global response to the continent’s adaptation financing needs in order to combat the impacts climate change and building resilience.
Speaking at the Adaptation Finance for Africa Summit on the second day of COP28, the continent’s leaders said climate adaptation finance, which currently accounts for 39% of all flows of climate finance to Africa, must increase rapidly.
Tanzanian President Samia Suluhu Hassan announced that the Global Adaptation Center will formalize partnerships under the Africa Adaptation Acceleration Program to provide technical support, to mobilize $700 million in green bonds issued by two Tanzanian commercial banks, to finance climate adaptation.
Senegalese President Macky Sall has proposed that the International Monetary Fund (IMF) and other partners explore the possibility of financing green projects, particularly adaptation, with resources initially reserved for debt repayment.
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Double penalty for a continent that pollutes the least
“Africa remains behind in the adaptation process because it benefits very little from concessional financing and green investments,” declared the Senegalese leader.
According to him, African countries go into heavy debt to finance their green projects, which constitutes a double punishment for the continent which pollutes the least, pleading for a fair and equitable approach to the fight against global warming and not a special favor requested by the continent, he noted.
Promises at the COP28
British Foreign Secretary David Cameron has assured that UK spending on adaptation in Africa will reach £1.5 billion ($1.89 billion) by 2025, “a money that will be used to fund vital programs such as weather forecasting for farmers,” he added.
To help close the financing gap, the continent launched the $25 billion Africa Adaptation Acceleration Program in 2021. It is led by the African Development Bank Group, the African Union Commission and the Global Center for Adaptation, to realize the vision of the Adaptation Initiative for Africa.
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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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