- Leaders of Africa and global organisations, the African Union, the International Monetary Fund (IMF) and the Netherlands-based Global Center on Adaptation met in Rotterdam on September 5, 2022, to discuss climate change financing in Africa.
Leaders of Africa and global organisations, the African Union, the International Monetary Fund (IMF) and the Netherlands-based Global Center on Adaptation met in Rotterdam on September 5, 2022, to discuss climate change financing in Africa. The summit is the first initiative to focus on supporting Africa to adapt to the impacts of climate change.
The meeting was significant in several ways, mainly as it defined an agenda for adaptation for Africa ahead of the 2022 United Nations Climate Change Conference, COP27 scheduled to take place in Egypt in November 2022.
The leaders at the Summit stated that the continent which is least responsible but most vulnerable to climate impacts is almost at a tipping point with a severe food crisis unleashed by the Ukraine War and global climate breakdown. Leaders urged the developed nations to collectively double the climate adaptation finance to Africa by 2022 as the continent lacked the resources to tackle climate change. At COP26, developed nations had agreed to double the funding for adaptation by 2025.
The 5-point “adaptation delivery breakthrough” adopted for the forthcoming COP27 in Egypt will include these issues as well as doubling international finance for adaptation by 2025, capitalising Africa’s Adaptation Acceleration Program(AAAP) as well as making available the AAAP Upstream Financing Facility’s full resourcing needs by COP-27. The aim of AAAP, driven by the African Development Bank and the Global Center on Adaptation is to mobilize $25 billion by 2025, for climate adaptation action across the continent. The statement issued by the leaders said that the success at COP27 will depend on meeting the financing needs of Africa. Speaking at the Summit, Director-General of the World Trade Organization Ngozi Okonjo-Iweala underlined the role of the “free flow of trade” in Africa to help achieve the goals of global climate change.
The summit comes soon after the Organization for Economic Cooperation and Development noted that developed nations had failed to honour their 2009 pledge to spend $100 billion a year to aid developing countries to adapt to climate challenges.
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https://trendsnafrica.com/drought-conditions-to-continue-in-the-greater-horn-of-africa-igad/
