New multi-billion dollar plan to thwart climate change

climate changeBy GIFT NDOLWANE
JOHANNESBURG, (CAJ News) – THE World Bank Group has unveiled a new plan calling for US$16 billion in funding to help Africa adapt to climate change and enhance resilience to climate shocks.

Titled Accelerating Climate-Resilient and Low-Carbon Development, the Africa Climate Business Plan will be presented at COP21, the global climate talks in Paris, France on November 30.

It lays out measures to boost the resilience of the continent’s assets 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 region requires $5 billion to $10 billion per year to adapt to global warming .

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-degree 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 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 billion needed to deliver on the plan.

Makhtar Diop, World Bank Group Vice President for Africa, said the Africa Climate Business Plan spelt 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 were protected from sliding into extreme poverty.

“While adapting to climate change and mobilizing the necessary resources remain an enormous challenge .

CAJ News

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Posted by on Nov 24 2015. Filed under Africa & World, Featured, Finance, Finance & Banking, Investing, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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