World Bank Group has unveiled a new plan that calls for $16 billion in funding to help African coun¬tries adapt to climate change and build up the continent’s resilience to climate shocks.
The project titled, Accelerating Climate-Resilient and Low-Carbon Development, the Africa Climate Business Plan, will be presented at COP21, the global climate fo¬rum in Paris, on November 30. It lays out measures to boost the resilience of the continent’s assets including – its people, land, water and cities – as well as other mea¬sures that will boost renewable energy and strengthen early warning systems. According to the World Bank President, Jim Yong Kim, “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.
This plan identifies concrete steps that African gov¬ernments 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 cli¬mate change.”
Per current estimates, the plan says the region requires $5-10 billion per year to adapt to global warming of 2°C just as the WBG and the United Nations Environment Programme estimate that the cost of man¬aging 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.
Meanwhile, out of the $16.1 billion that the plan pro¬poses for fast-tracking climate adaptation, about $5.7 billion is expected from the International Development Association, IDA, the arm of the World Bank Group that supports the poorest countries.
Another $2.2 billion is expected from various climate finance instruments, $2 billion from others in the development community, and $3.5 billion from the private sector, and $0.7 billion from domestic sources, with an additional $2 billion needed to deliver on the plan. Also commenting, Makhtar Diop, WBG Vice President for Africa, stated, “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.


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