A new report themed, ‘State and Trends in Adaptation in Africa 2022’ launched by the Global Centre on Adaptation, has said that Africa is facing a critical shortfall in funding for climate adaptation.
The report disclosed that the cumulative adaptation finance to 2030 will come to less than one-quarter of the estimated needs stated by African countries in their National Determined Contributions unless more funding for climate adaptation is secured.
According to the report, in 2019 and 2020, an estimated $11.4bn was committed to climate adaptation finance in Africa with more than 97 per cent of the funds coming from public actors and less than 3 per cent from private sectors. This is significantly less than the $52.7bn annually through 2030 it is estimated African countries will need.
The report further said that to increase the volume and efficacy of adaptation finance flows to Africa over the coming decade even as it made a number of recommendations.
In the report, the Chief Executive Officer of the Global Centre on Adaptation, Professor Patrick Verkooijen, said, “Adaptation finance is scaling too slowly to close the investment gap in Africa, even as the costs of inaction rise.”
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