{"id":18102,"date":"2022-05-24T11:34:54","date_gmt":"2022-05-24T11:34:54","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/vulnerable-africa-faces-heavy-climate-finance-shortfall"},"modified":"2022-05-24T12:02:45","modified_gmt":"2022-05-24T12:02:45","slug":"vulnerable-africa-faces-heavy-climate-finance-shortfall","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall","title":{"rendered":"Vulnerable Africa faces heavy climate finance shortfall"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Africa needs about $1.6 trillion to address climate change annually from 2020 to 2030, however it only gets three per cent of the total global climate finance, according to Akinwumi A. Adesina, President of African Development Bank Group.<\/p>\n

He said while addressing the media on May 23 in Accra, Ghana, to kick off the Bank\u2019s Annual Meetings that will go through until May 27.<\/p>\n

Under a theme dubbed \u201cAchieving Climate Resilience and a Just Energy Transition for Africa\u201d central bankers from Africa will convene to share climate change and energy transition challenges that their countries face and showcase policy responses to tackle these challenges.<\/p>\n

Africa, which accounts for just four per cent of the global greenhouse gas emissions, is short-changed by climate finance.<\/p>\n

\u201cAfrica is not getting enough resources to tackle climate change. Climate financing mobilised globally falls short of Africa\u2019s needs by $100-$127 billion per year since 2020-2030,\u201d noted Adesina.<\/p>\n

According to him, data has it that Africa loses about $7-15 billion due to climate change annually and it is expected to rise to $50 billion a year by 2040.<\/p>\n

\u201cAs you all know climate change is an ever-present existential threat to Africa. From droughts, floods, and cyclones, extreme weather events are devastating African economies,\u201d he said.<\/p>\n

Faced with resource mobilisation challenges, Adesina pointed out that developed countries must fulfil their promise to provide $100 billion per year in climate finance to support developing countries.<\/p>\n

Nevertheless, the bank\u2019s president expressed confidence in Africa\u2019s ability to bridge the gap by leveraging abundant energy resources available, including solar, hydro, wind, and geothermal resources.<\/p>\n

\u201cHowever, Africa cannot rely only on renewables, due to their intermittency. Africa needs to combine renewables with natural gas to assure stability and security of energy, and to improve access and affordability, as well as energy security,\u201d he said.<\/p>\n

It should be noted that even if Africa triples the use of gas for gas-to-power it will contribute less than 0.67 per cent to global carbon emissions, he added. \u201cSo, Just Energy Transition must not short-change Africa\u2019s growth and development, especially stable energy to power its industrialisation.\u201d<\/p>\n

The Bank currently devotes 67 per cent of its $25 billion to climate finance adaptation.<\/p>\n

In Rwanda, AfDB is co-financing a major energy project expected to reduce greenhouse gas emissions and accelerate the country\u2019s efforts to achieve universal electricity coverage by 2024.<\/p>\n

And recently, Jeanne d\u2019Arc Mujawamariya, the Minister of Environment disclosed that Rwanda is working with private firms to fast-track studies that will pave the way for setting up a cooking gas factory.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. Africa needs about $1.6 trillion to address climate change annually from 2020 to 2030, however it only gets three per cent of the total global climate finance, according to Akinwumi A. Adesina, President of African Development Bank Group. He said while addressing the media on May 23 in Accra, Ghana, to kick […]<\/p>\n","protected":false},"author":84,"featured_media":18101,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28],"tags":[760,763,758],"class_list":["post-18102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nVulnerable Africa faces heavy climate finance shortfall - Rwanda<\/title>\n<meta name=\"description\" content=\"Africa needs about $1.6 trillion to address climate change annually from 2020 to 2030, however it only gets three per ce ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vulnerable Africa faces heavy climate finance shortfall\" \/>\n<meta property=\"og:description\" content=\"Africa needs about $1.6 trillion to address climate change annually from 2020 to 2030, however it only gets three per ce ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-24T11:34:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-24T12:02:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2022\/05\/postQueueImg_27-628cc94bb8f5b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Vulnerable Africa faces heavy climate finance shortfall\",\"datePublished\":\"2022-05-24T11:34:54+00:00\",\"dateModified\":\"2022-05-24T12:02:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall\"},\"wordCount\":436,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2022\/05\/postQueueImg_27-628cc94bb8f5b.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/vulnerable-africa-faces-heavy-climate-finance-shortfall\",\"name\":\"Vulnerable Africa faces heavy climate finance shortfall - 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