ABUJA, Nigeria: Many impoverished countries across Africa bear the brunt of climate change, experiencing severe droughts, relentless heat, dry lands, erratic rainfall, and devastating floods.
These climate shocks exacerbate conflicts and disrupt livelihoods, especially for the numerous individuals whose occupation depends on agriculture, a sector increasingly vulnerable in a warming world.
The adverse effects of climate change are particularly acute in Africa’s Sahel region, encompassing countries such as Burkina Faso, Chad, Mali, Niger, and northern Nigeria. Experts emphasize that adapting to these challenges may require an annual investment of up to $50 billion, as estimated by the Global Commission on Adaptation. Simultaneously, the International Energy Agency suggests that the transition to clean energy could necessitate as much as $190 billion annually—a financial burden overwhelming for the African continent.
African nations face fiscal constraints, and borrowing more to support climate goals would only compound their already substantial debt burdens. Consequently, African leaders are advocating for increased financing to swiftly address these challenges, hoping to kickstart discussions on Africa’s financial predicaments and its ability to manage climate-related shocks during this week’s International Monetary Fund and World Bank meetings in Marrakech, Morocco.
This call for action is intensified by criticisms that global lending institutions do not adequately consider climate change and the vulnerabilities of poorer nations in their funding decisions. African leaders, including Kenyan President William Ruto and other prominent figures, argue that the current global financial system is outdated, dysfunctional, and unjust. They contend that these international financial institutions are too limited in scope and slow to adapt to pressing issues like climate change, disproportionately affecting poorer countries.
In recent years, there has been an increase in climate funding directed towards Africa, recognizing the continent’s minimal contribution to global emissions but substantial vulnerability to climate change due to insufficient financial support and coping mechanisms. Major development banks are starting to acknowledge climate change as a significant economic threat.
During a recent panel in Marrakech, IMF economist Daniel Lee acknowledged efforts to integrate climate change into policy advice, capacity development, and lending. However, the exact size and distribution of funding were not detailed. Lee referenced an IMF program initiated last year aimed at assisting impoverished countries in tackling climate change. Regrettably, only one African country, Rwanda, has accessed funding from this program, receiving $319 million over a three-year period.
Experts and African leaders argue that climate financing to the continent has been inadequate, especially for Sahelian countries grappling with unstable governments, many led by military juntas. Insufficient funding, skewed towards mitigation rather than adaptation efforts, exacerbates challenges faced by nations like Niger and northern Nigeria, where arable land is rapidly vanishing due to soil erosion and arid conditions, intensifying resource conflicts and hindering economic opportunities.
The urgency to address the climate crisis in Africa cannot be overstated. Adequate and accessible financing, coupled with swift policy actions and international cooperation, is essential to mitigate the devastating impacts of climate change on the most vulnerable regions, ensuring sustainable development and a better future for all.
