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Africa in climate adaptation financing crisis- GCA

The Global Center on Adaptation has highlighted the social class gap and funding options heavily weighed in on Africa’s potential to meet climate change adaptation expectations.

“Adaptation finance is scaling too slowly to close the investment gap in Africa, even as the costs of inaction rise. As we look forward to COP27, we must generate a breakthrough on finance for climate adaptation.” Prof Patrick Verkooijen, CEO, GCA said.

The meeting further noted how the African population remains low contributors despite the natural brunt and global expectations placed on them.

“Africa’s 1.4 billion people contribute less than 3% of the world’s total greenhouse gas emissions but finds itself on the frontline of this climate emergency with nine out of ten of the most vulnerable countries in Africa. Adaptation to climate change is very crucial to Africa.” Josefa Leonel Correia Sacko, Commissioner for Rural Economy and Agriculture for the African Union Commission emphasised.

With COP 27 scheduled for this month calls were made for utilisation of the global climate change and environmental global round table as a means to redraft the necessary financial adjustments.

“COP27 must be a turning point. Developed countries must put forward credible plans to double adaptation finance to reach 40 billion dollars a year by 2025. The Secretary-General has called for a new business model to deliver adaptation finance by turning adaptation priorities into pipelines of investment for projects.” Amina Mohammed, Deputy Secretary-General of the United Nations said during the report launch.

According to the report, potential redress can be found were “Financial institutions must mainstream resilience into investments they are making. Policy makers and other stakeholders must build the enabling environment for adaptation investment and Financial innovation for adaptation must match country-level policy and market conditions.”

Calls were made for the acceleration of enhancement of “The Africa Adaptation Acceleration Program endorsed by the African Union, is the best vehicle we have to ensure the adaptation investment shortfall in Africa is met with action from all available sources including the private sector.” Prof Verkoojen also said.

GCA was commended for their efforts to see improvement in the global adaptation trends
“Already the Upstream [Financing] Facility at the Global Center on Adaptation, is doing so much analytical work to support countries to build climate resilience into infrastructure, into agriculture and to mainstream climate financing into national bodies but also into the financing of large multilateral development banks.” The African Development Bank President Akinwumi Adesina said.

The Global Center on Adaptation is a global advocate for climate change adaptation that is based in the largest floating office in Netherlands with offices globally.

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