Africa is on track to lose an estimated $30 billion, equivalent to 15% of its Gross Domestic Product (GDP), annually to the devastating effects of climate change by 2030, according to an international financial expert.
Thabo Thamane, the head of the Association of African Development Finance Institutions (AADFI), issued this alarming prediction during an international forum attended by participants from 32 countries.
Climate change in Africa could bring excessive rainfall
Thamane’s warning underscores the pressing urgency of addressing climate change in Africa and its potential repercussions for economies across the continent. He noted that Africa could experience a GDP loss ranging from 5% to 15% by 2050, with an estimated climate adaptation cost of $10 billion to $30 billion annually by 2030.
While highlighting the dire consequences for African nations, Thamane emphasized that climate change is a global challenge that transcends borders. He pointed to the increasingly erratic weather patterns worldwide, citing examples of shifting precipitation patterns in Latin America, often resulting in extreme rainfall events.
“These scenarios suggest that no region is immune to the effects of climate change,” Thamane stressed, highlighting the interconnectedness of climate issues on a global scale.
The financial expert urged African countries to continue their efforts to build a “climate-smart future.” He also emphasized the importance of individuals adopting more environmentally friendly behaviors to mitigate the impact of climate change.
What to know about AADFI
The AADFI, established under the African Development Bank in 1975, serves as an umbrella organization for development-oriented financial institutions across Africa. The international forum, themed on the strategic role of development finance institutions in securing a “climate-smart future,” has brought together financial experts not only from Africa but also from Asia and the Pacific regions.
As Africa faces the formidable challenge of climate change, the continent and the international community must work collaboratively to develop sustainable solutions that can safeguard both the environment and economies. The $30 billion GDP loss projection serves as a stark reminder of the urgent need for action on climate change in Africa and beyond.
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