World Bank unveils $16b Climate Business Plan for Africa
THE World Bank Group has unveiled a new plan that calls for $16 billion in funding to help African people and countries adapt to climate change and build up the continent’s resilience to climate shocks.
Titled “Accelerating Climate-Resilient and Low-Carbon Development,” the Africa Climate Business Plan, in a statement tracked from Online Media Briefing Centre (OMBC), will be presented at COP21, the global climate talks in Paris, on November 30.
The plan lays out measures to boost the resilience of the continent’s assets – its people, land, water, and cities – as well as other moves including boosting renewable energy and strengthening early warning systems.
“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,” said World Bank Group President Jim Yong Kim.
“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.”
Per current estimates, the plan says that the region requires $5-10 billion per year to adapt to global warming of 2°C.
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.
Of the $16.1 billion that the ambitious plan proposes for fast-tracking climate adaptation, some $5.7 billion is expected from the International Development Association (IDA), the arm of the World Bank Group that supports the poorest countries. About $2.2 billion is expected from various climate finance instruments, $2.0 billion from others 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.
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,” explains Makhtar Diop, World Bank Group Vice President for Africa.
“While adapting to climate change and mobilizing the necessary resources remain an enormous challenge, the plan represents a critical opportunity to support a priority set of climate-resilient initiatives in Africa,” Diop added.
In another development, ahead of 2015 Conference of Parties on Climate Change, popularly known as COP21 scheduled for November 30th to December 11 in Paris, Nigeria is yet to articulate its Intended Nationally Determined Contribution (INDC), which are made up of components aimed at addressing poverty, ecological and socio-economic problems in the country.
The Minister of Environment, Mrs. Amina Mohammed, disclosed this in pre-climate change press briefing in Abuja.
According to Mrs. Mohammed, the country was gathering many issues it would bring to the table for discussions, especially on how to tackle erosion in South East, desertification in northern zone as well as gas and oil pollutions in the Niger Delta region.
She further hinted that the Federal Government delegates to the conference would be made up of 41 officials, “though the number could be reviewed before the commencement of the conference. Some will form members of negotiation team.”
She said the country would benefit a lot from the robust discussions, especially the Lake Chad, which according to her would take the centre stage, plus other issues such as involvement of communities in education and information sharing.
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