- Africa is losing 5% to 15% of GDP per Capita due to climate change.
- Africa accounts for 3% of global CO2 emissions.
Africa is host to about 17% of the world population and accounts for 3% of global CO2 emissions. However, Africa bears severe environmental, social, and economic consequences of climate change. Kelvin Urama, the acting Chief economist of the African Development Bank[AfDB], stated that Africa is losing 5% to 15% of GDP per Capita due to climate change. He said this during the AfDB African Economic Outlook 2022, an event hosted by the Atlantic Council in preparation for COP 27 in November 2022.
He also noted that the $100 billion yearly climate finance pledge from high-income countries, though appreciated, has only been partly redeemed and $1.6 trillion is needed to close the gap – mitigating the impact of climate change on the continent. Urama stated the need to adopt a holistic approach with policy coordination to mitigate climate change.