WB unveils $16bn Africa climate business funding

Washington. The World Bank Group has unveiled a new plan that calls for $16 billion in funding to help African people and countries adapt to climate change and build up the continent’s resilience to climate shocks.

The Breton Wood’s institution said in a statement yesterday that one third of the funds is expected to come from the bank’s fund for the poorest countries.

Titled Accelerating Climate-Resilient and Low-Carbon Development, the Africa Climate Business Plan will be presented at COP21, the global climate talks in Paris, on November 30. It lays out measures to boost the resilience of the continent’s assets – its people, land, water, and cities - as well as other moves including boosting renewable energy and strengthening early warning systems.

“Sub-Saharan Africa is highly vulnerable to climate shocks, and our research shows that could have a far-ranging impact -- on everything from child stunting and malaria to food price increases and droughts,” said the World Bank Group President Mr Jim Yong Kim. “This plan identifies concrete steps that African governments 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 climate change.”

Per current estimates, the plan says that the region requires $5-10 billion per year to adapt to global warming of 2°C.

The World Bank and the United Nations Environment Programme estimate that the cost of managing 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.

Of the $16.1 billion that the ambitious plan proposes for fast-tracking climate adaptation, some $5.7 billion is expected from the International Development Association (IDA), the arm of the World Bank Group that supports the poorest countries.