On Tuesday, the World Bank Group revealed that a new funding initiative has been implemented to enable African countries to adapt to climate change and develop protective measures to withstand future impacts. The “Africa Climate Business Plan (ACBP)”, which will include a $16 million financial scheme, will be presented at the COP21 climate change conference in Paris next week.
World Bank: Adapting to climate change
The ACBP is expected to assist African governments in identifying and implementing measures to ensure that climate change impacts do not further contribute to hampering economic growth and increasing poverty.
The ACBP aims to bolster efforts in strengthening Africa’s resources– its people, land, water, and cities, while increasing renewable energy and strengthening early warning systems, the Bank said in a statement.
World Bank Group President Jim Yong Kim, said: “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.
“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.”
According to the World Bank: “Per current estimates, the plan says that the region requires $5-10 billion per year to adapt to global warming of 2°C.”
Financial investments play key role
“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,” the Bank said in a statement.
Of the $16.1 billion, the Bank added that the International Development Association (IDA) has confirmed around $5.7 billion. The IDA, a division within the World Bank Group, facilitates investment in the poorest countries.
The Bank further added that an estimated $2.2 billion is expected from different climate finance instruments, $2.0 billion from various parties 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.
World Bank Group Vice President for Africa, Makhtar Diop said: “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.
“While adapting to climate change and mobilising the necessary resources remain an enormous challenge, the plan represents a critical opportunity to support a priority set of climate-resilient initiatives in Africa.”