Senegal, AfDB & GCA collaborate to unlock $1bn climate finance

Africa is currently facing a multitude of crises, from the economic fallout of COVID-19 to climate change and energy and food emergencies. The continent is experiencing rising food prices, inflation, droughts, floods, and storms, exacerbated by the conflict in Ukraine. Despite contributing less than 5% of global greenhouse gas emissions, Africa is bearing the brunt of the climate emergency, highlighting a profound moral injustice in the system. However, Africa is not standing idly by. Last year, at the COP26 conference in Glasgow, the continent launched the Africa Adaptation Acceleration Program (Triple A), a $25 billion initiative over five years aimed at mobilizing resources to address climate change challenges. African nations have shown commitment by putting their own resources on the table, and now the onus is on development partners to fulfill their promises and provide the necessary funding to support the continent's adaptation efforts. The CEO of the Global Center on Adaptation, Patrick Verkooijen, highlighted the urgency of the situation, emphasizing that Africa needs $33 billion annually to build climate-resilient economies, create future jobs, and foster young entrepreneurs. However, only $6 billion is currently flowing from the global north to Africa, falling short of the required amount. The Canadian Upstream Financing Facility, a $250 million program, aims to unlock the billions needed for climate finance to reach the continent. Despite commitments made in Glasgow to double financial contributions, some resources have been diverted to address the crisis in Ukraine. It is imperative for development partners to honor their commitments to Africa while also addressing pressing global issues. Verkooijen underlined the economic rationale for investing in climate adaptation, citing the significant negative impact of water extremes, droughts, and floods on the Senegalese economy, which is already experiencing a 10% GDP loss annually. He stressed that investing in climate-resilient solutions, such as drought-tolerant crops and resilient infrastructure, not only benefits the environment but also has high economic returns. African leaders, including President Macky Sall of Senegal and President Uhuru Kenyatta of Kenya, have demonstrated political will to address climate challenges and prioritize climate adaptation as a pathway to a healthier economy and planet. In the coming months, African leaders will intensify efforts to ramp up climate action and address urgent food emergencies, such as the ongoing drought in the Horn of Africa. President Akinwumi Adesina of the African Development Bank will host a summit to discuss a comprehensive food emergency plan, calling on donors to fulfill their commitments and support the African continent in times of crisis. The collaboration between African nations, development partners, and international organizations is crucial to unlocking climate finance, building resilience, and securing a sustainable future for Africa.