16 Bn dollars new World Bank Climate Business Plan for Africa unveiled

There remains still the need to source additional $2.0 Bn to be delivered on the plan

Eva González Washinton (USA), 24 November, 2015

The World Bank Group today unveiled a new plan to help African countries and their dwellers adapt to climate change, building up the continent’s resilience to climate shocks.
The new plan needs for $16 Bn in funding to be carried out.

Titled Accelerating Climate-Resilient and Low-Carbon Development, the Africa Climate Business Plan will be presented at COP21, the global climate talks in Paris, on November 30. It lays out measures to boost the resilience of the continent’s assets – its people, land, water, and cities – as well as other moves including boosting renewable energy and strengthening early warning systems.

Taking into account current estimates, the plan says that the region requires $5-10 Bn per year for Africa to adapt to global warming of 2°C.
The World Bank and the United Nations Environment Programme calculate that the cost of managing climate resilience will continue to rise to $20-50 Bn by mid-century, and closer to $100 Bn in the event of a 4°C warming.

$2 Bn still need to be sourced

Of the $16.1 Bn t carry out the new business plan for fast-tracking climate adaptation, some $5.7Bn are expected to be funded by the International Development Association (IDA), the arm of the World Bank Group that supports the poorest countries. About $2.2 Bn will be sourced through various climate finance instruments, $2.0 Bn from others in the development community, $3.5 Bn from the private sector, and $0.7 Bn will be contributed by domestic sources.
There remains still the need to source additional $2.0 Bn to be delivered on the plan.

Walking through fields. Photo: World Bank

Walking through fields. Photo: World Bank

“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.”

“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,” explains Makhtar Diop, World Bank Group Vice President for Africa. “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.”

Image over the headline.- Walking through fields Mali. Photo: © Curt Carnemark / World Bank

Related external links:

Accelerating Climate-Resilient and Low-Carbon Development, the Africa Climate Business Plan (full report)

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