The President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, said on Tuesday the continent was losing between $ 7 and $15 billion annually to climate change.
He stated this during a media conference in Nairobi, Kenya, on the sidelines of the ongoing AfDB Annual Meetings for 2024.
Adesina said while Africa contributed minimally to global emissions but bore the disproportionate burden of catastrophes arising from environmental degradation.
He said the situation would worsen if immediate action was not taken to address it, adding that by 2030, Africa’s annual losses to climate change would reach a staggering $40 billion.
He said: “Africa loses seven to $15 billion a year to climate change. If that does not change, that will grow to roughly $40 billion annually by 2030.
“That means we are losing much of our potential for something we did not cause because Africa did not account for more than three to four percent of climate emissions.
“But it is suffering today disproportionately from the negative consequences of climate change, which can amplify the strain on already vulnerable economies.
“From Malawi’s worst drought in memory to Zimbabwe’s declaration of a national emergency due to severe drought, Mozambique grappling with devastating floods, the continent is besieged by extreme weather events.
“Africa’s economy’s future is going to depend on building resilience to these particular shocks because climate change is devastating the whole continent.”