World

As Africa’s climate warms, rich countries pledge more funds & More News Headlines

 

MOMBASA – Rich countries said they will spend about $25 billion by 2025 to boost Africa’s efforts to adapt to climate change as the continent continues to struggle with drought, cyclones and extreme heat, according to officials at a summit in Rotterdam in the Netherlands on Monday.

The amount promised by the Africa Adaptation Acceleration Program — a joint initiative between various nations and organizations — is billed as the largest ever adaptation effort globally. Half of the amount is pledged by the African Development Bank with representatives from Denmark, the United Kingdom, France, the Netherlands, the International Monetary Fund and others also offering their support for the initiative.

The continent emits just 3% to 4% of emissions despite being home to nearly 17% of the world’s population but experts say it is particularly vulnerable to climate change as it less able to adapt. African nations hope to use the funds to improve their resilience to extreme weather events, such as droughts or floods, increase tree cover and protect biodiversity, as well as expand their renewable energy capacity.

Ad

The summit comes just weeks after the Organization for Economic Cooperation and Development found that rich countries had failed to deliver on their 2009 promise to spend $100 billion a year to aid developing countries to adapt to a warming climate. The organization said $83.3 billion was given to poorer nations in 2020, the highest ever sum, but still short of the original amount.

If the funds promised at the Rotterdam summit are delivered, the decades-old goal will finally be achieved but African nations warn this will not be enough.

“Africa does not have the resources to tackle climate change,” Akinwumi Adesina, president of the African Development Bank, told the summit. “The continent only receives 3% of the total climate financing.”

Africa will need between $1.3 and $1.6 trillion this decade to implement its commitments to the Paris climate agreement, an annual cost between $140 and $300 billion, Adesina said. He added that the costs of adapting to climate change are expected to increase by 2050, as the effects of global warming get more severe.

Ad

Ghana’s President Nana Akufo Addo said his country will push for the funds allocated to adapting to a warmer climate to be doubled at the forthcoming United Nations summit in Egypt in November.

After decades of developed countries falling short on their funding promises, many African nations remain skeptical that the funds will ever reach the continent.

The U.N. Climate Change High-Level Champion for Egypt, Mahmoud Mohieldin, said the existing global climate financing structure is “insufficient and ineffective,” especially for Africa.

___

Follow AP’s climate and environment coverage at https://apnews.com/hub/climate-and-environment

___

Associated Press climate and environmental coverage receives support from several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

World Latest News Update

I tried to provide you all the most recent news that is now accessible via this website because I know that you will appreciate all of this news since we always give it in this news. Whatever the most current information was, it is a hot issue.

It was always our goal to ensure that you received the most recent news in the following categories: electricity news, degree news, donation news, bitcoin news, trading news, real estate news, gaming news, trending news, digital marketing, telecom news, beauty news, banking news, travel news, health news, cryptocurrency news, claim news You can also share this information with your friends and family. Give whatever details you have 

The news I produced and shared with you will be very much to your liking. In order for you to learn about trending news subjects, which is what we hope you will be able to accomplish, we will continue to provide themes for you to read about.

Breaking News Today

all types of news without going through us, allowing us to provide you with the most recent information for free, allowing you to improve by learning about that news alongside you. Later, we’ll move on.

so that you can always be updated and get here more sorts of news that I provide for you, we will publish information on more current events and other types of news on our website.

Today’s Big News Headlines

All of the information I’ve provided to you, including trending news, breaking news, health news, science news, sports news, entertainment news, technology news, united states news, united kingdom news, australia news, new zealand news, canada news, finland news, china news, israel news, germany news, luxembourg newsbusiness news, and world news will be the most unique 

best data that can be found anyplace. I’ve taken these steps to make sure you remain informed, stay on top of the issue, and keep getting free updates on today’s news till today. Always take two steps ahead.

News – Times . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links

newstimes.com.ng🡽

Leave a Reply

Your email address will not be published.

Back to top button