Adesina: Africa Contributes Only 2-3% of GHG, but Suffers More impacts of Climate Change
President of African Development Bank, Akinwumi A. Adesina has stated that “Africa contributes no more than 2-3% of greenhouse gas emissions, but suffers disproportionately from the negative impacts of climate change. All across Africa, you see today the high frequency of droughts. Africa has been shortchanged by the climate financing architecture. Therefore, we need instruments that will help mitigate climate risks.”
Adesina stated this as he and the Bank’s Board of Governors held a high-level session on “Climate and Disaster Risk Financing” focusing on the Role of the African Risk Capacity (ARC) and the Africa Disaster Risk Financing Programme (ADRiFi) in Busan, Korea, recently.
The high-level session, part of the 53rd African Development Bank Group Annual Meetings in Busan, Korea, provided a platform for African Ministers of Finance, the Economy and Planning, who form its Board of Governors, to extend ongoing discussions between the Bank and regional member countries on the importance of disaster risk financing solutions in building resilience and protecting development gains.
Pledging Bank support for ARC operations, he encouraged others to follow suit. “It must not be only about the African Development Bank,” he said. “We want more stakeholders to join and more partnerships to make sure that the financing mechanism is there.”
“The future of Africa depends on the actions we take today. And we have to have a sense of urgency. If we pump in the alliance and partnerships needed, countries will be able to insure themselves of risks.”
Reiterating the challenges of climate change in Africa, especially the continent’s vulnerability to droughts, floods, tropical cyclones and outbreak and epidemics, ARC Chairperson Ngozi OkonjoIweala stated that ARC is about African countries taking charge of their own issues and finding ways to finance their response efforts and broader resilience and development. “We cannot remain a continent that is reliant on the generosity of the broader development community.”
She highlighted the critical role the ADRiFi will play in promoting disaster risk financing on the continent and how countries can access both capacity building and premium financing as part of their long-term resilience building efforts.
The Bank and ARC formalized their partnership In March 2017 to strengthen their technical collaboration towards enhancing the risk management infrastructure and policy across Africa while supporting countries in building resilience against climate shocks.
Following requests from regional member countries for premium financing support, the Bank proposed the ADRiFi program, which will run from 2018-2022, as a comprehensive, sustainable solution for risk transfer within the broader context of disaster risk management.
ADRiFi aligns with the Bank’s Ten-Year Strategy by enhancing resilience and response to climate shocks in regional member countries by improving the management of natural disaster risk and adaptation to climate change.
The Bank’s Board of Governors shared a common resolve and readiness to galvanize efforts and resources to help regional member countries improve their capacity to plan, prepare, and respond to extreme weather events and natural disasters so as to safeguard food security for Africa’s vulnerable populations.
The livelihoods of more than 70% of Africans depend on farming. A critical component of the High 5 Agenda of the African Development Bank is “Feed Africa” and hinges on unlocking the potential of agriculture.
Most agricultural activity in Africa is rain-fed, making it susceptible to the vagaries of climate change and natural disasters. ARC deploys innovative mechanisms and customized financial tools to help member countries reduce the risk of loss and damage caused by extreme weather events and natural disasters in a timely, cost-effective, objective and transparent manner.