On Monday, top representatives from international organizations and African heads of state convened in Rotterdam to discuss climate change financing in Africa.
According to officials, wealthy nations have pledged to invest around $25 billion by 2025 to support Africa's attempts to adapt to climate change as the continent continues to struggle with drought, cyclones, and high heat.
The Africa Adaptation Acceleration Program, a joint project between several countries and organizations, is hailed as the largest worldwide adaptation effort ever given the sum offered.
The African Development Bank has agreed to contribute half of the total, while representatives from Denmark, the United Kingdom, France, the Netherlands, the International Monetary Fund, and other organizations have also expressed support for the project.
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Although the continent is home to close to 17% of the world's population and only produces 3% to 4% of emissions, experts say it is particularly vulnerable to climate change because it is less able to adapt.
The money will be used by African countries to strengthen their capacity for renewable energy sources, safeguard biodiversity, and increase their resilience to catastrophic weather events like droughts and floods.
The COP27 that will take place soon, according to many speakers at the event, is the ideal venue for resolving the concerns.
For COP27, I believe it is perfectly feasible for the major stakeholders to unite behind this, according to Ban Ki-moon, chair of the Global Center for Adaptation.
"At COP27, we must step up our efforts to support climate adaptation for Africa. In Glasgow, it was pledged to double down. It must be delivered in two months, "said Patrick Verkooijen, CEO of the Global Center on Adaptation.
Just a few weeks prior to the meeting, the Organization for Economic Cooperation and Development revealed that wealthy nations had fallen short of their 2009 commitment to invest $100 billion annually to help developing nations adapt to a changing environment.
The group reported that in 2020, $83.3 billion was granted to developing countries, the biggest amount ever but still short of The long-term objective will ultimately be accomplished if the monies promised at the Rotterdam meeting are delivered, but African states worry that this will not be sufficient.
Akinwumi Adesina, president of the African Development Bank, told the summit that Africa will need between $1.3 and $1.6 trillion this decade to carry out its commitments to the Paris climate agreement, or between $140 and $300 billion annually.
Adaptation to climate change is anticipated to become more expensive by 2050 as the consequences of global warming worsen.
At the upcoming UN meeting in Egypt in November, Ghana's President Nana Akufo Addo stated his nation will ask for the funding designated for climate change adaptation to be doubled.