World Bank unveils $16B for African climate challenges

By SAM Otti
The World Bank has unveiled a new action plan requiring $16 billion in funding to help African 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 would be presented at the United Nations Climatic Conference in Paris (COP21), a global climate talks which commences on November 30 to December 12. The plan lays out measures to boost the resilience of the continent’s assets – its people, land, water, and cities – as well as boosting renewable energy and strengthening early warning systems.
World Bank President, Jim Yong Kim, said sub-Saharan Africa remains highly vulnerable to climate shocks, noting that research showed that could have far-ranging impact on everything from child stunting and malaria to food price increases and droughts.

“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,” he said.
Going by per current estimates, the plan stated that Africa requires $5-10 billion per year to adapt to global warming of 2°C, a core target set for all countries during the COP 21. The World Bank and the United Nations Environment Programme estimate that the cost of managing climate resilience would 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.
Also speaking, World Bank Group Vice President for Africa, Makhtar Diop, explained that 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 are protected from sliding into extreme poverty. “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,” he said.