The World Bank Group will present a business plan at COP21 in Paris that calls for $16 billion in funding to help African countries cope with climate change.
The Accelerating Climate-Resilient and Low-Carbon Development climate plan will lay out measures to help people, land, water and cities, and boost renewable energy and early warning systems in Africa.
World Bank Group president Jim Yong Kim said: “Sub-Saharan Africa is highly vulnerable to climate shocks, and our research shows that could have far-ranging impacts – 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.”
The plans says Africa needs $5-10 billion per year to adapt to global warming of 2°C, while the The World Bank and 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°C warming.
Makhtar Diop, World Bank Group vice president for Africa said: “The Africa Climate Business Plan spells 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 mobilising the necessary resources remain an enormous challenge, the plan represents a critical opportunity to support a priority set of climate-resilient initiatives in Africa.”
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