According to the African Development Bank (AfDB), Africa is losing around 5-15 percent of GDP growth due to the effects of climate change and is facing a gaping climate finance shortfall.
African nations received around US$18.3bn in climate funds between 2016 and 2019 and are now facing an almost US$1.3trn climate finance gap for the 2020-30 period. According to the African lender, the required funding reflects the crisis, and “investing in climate adaptation in the context of sustainable development is the best way to cope with climate change impacts.” Africa has been hit disproportionately hard by the fallout from climate change which has aggravated droughts, flooding and cyclones across the continent in recent years.
