Editor’s Note: March 15, 2019
What does $47bn do for climate change in Africa?
The World Bank and African Development Bank on Thursdaypledged to commit $47bn between 2020-2025 to help African countries tackle the impact of climate change. The announcement was made at a high profile conference in Nairobi, Kenya.
The figure sounds impressive, but there is little to get excited about.
Assuming the money is delivered – pledges have a habit of falling short of expectations – it breaks down into $9.4bn a year, well below the estimated $20-$30bn Africa needs annually for adaptation and mitigation.
This is based on 2012 figures – more recent estimates are not available – so the number could already be higher.
On a more granular level it equates to $174m per country. To put this into perspective, the World Bank estimates that in 2017 flooding and erosion, which are getting worse due to climate change, cost Benin, Côte d’Ivoire, Senegal and Togo $3.8bn – or $950m per country.
These numbers are the proverbial tip of the iceberg.
According to the 2018 Climate Vulnerability Index 79 of Africa’s fastest growing cities – accounting for 48% of the continent’s GDP – are at “extreme risk” from climate change.
The optimist will argue that $47bn is better than nothing, and can be leveraged for wider impact. Maybe, but it’s hard to see this making much of a difference.
From The Continent
Sudan’s embattled president Omar al-Bashir on Thursday said he plans to engage in dialogue with the opposition, the latest sign of his waning grip on power amid unprecedented nationwide protests against his 30-year rule. This comes a day after he appointed at least 15 new ministers in a sweeping cabinet reshuffle. More: Reuters
South Africa’s Standard Bank, the continent’s biggest lender, has announced plans to cut 1,200 jobs and close 91 branches in its home market. This is part of a shift towards digital banking. More: Times Live
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The Global Perspective
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