At the Africa Climate Summit, which took place in Morocco earlier this week, over $23 billion in new pledges were announced to help African countries and communities adapt to the impacts of climate change. The commitment came from bilateral and multilateral development banks, governments, foundations, NGOs, philanthropists, and the private sector.
However, despite the large commitment of funds, experts and African leaders remain concerned that it is still not enough to meet the economic challenges that climate change will bring in the continent. African countries face a massive adaptation gap of around $15 billion per year that must be filled, and it is believed that the new pledges will not be enough to close this gap. Despite the large amount of money dedicated to fighting climate change, African countries still face the daunting task of leveraging that money and resources to ensure real outcomes.
Leaders have warned that urgent action is needed if the world is to effectively combat climate change in Africa. They call on public and private sectors, as well as development banks to step up to the challenge and invest in transforming Africa’s economies to become more resilient to the impacts of climate change. They warn that without meaningful action, the continent will suffer the greatest global losses due to climate change.