When Kristalina Georgieva,听the Managing Director of the International Monetary Fund (IMF),听was asked to make remarks at an event on Africa at the ongoing COP27 in Sharm El Sheikh, she began by asking the jampacked audience to give a round of applause to Egypt and to Africa.
And then, holding her hands aloft to form a heart symbol, Ms. Georgieva declared: 鈥淲e pledge our heart to Africa.鈥�
She was speaking at the Accelerating Adaptation in Africa event where the lovefest continued with each statement by the world leaders or their representatives, including one by the British Foreign Secretary, James Cleverly, who said he needed to make a public confession.
鈥淢y mother was from Sierra Leone,鈥� he announced. 鈥淧lease forgive me if I maintain a personal interest in Africa.鈥� He said his country was just as keen on Africa鈥檚 development.
The event was not only about speeches; millions of dollars were pledged in support of the听听(AAAP) - an Africa-led response initiative seeking to reduce climate change vulnerabilities through effective adaptation.听
Pledges
The听UK听pledged 拢200 (about $230 million) and is to triple its overall climate adaptation funding from 拢500 million to 拢1.5 billion by 2025.
The听Netherlands听will provide AAAP with $110 million.
Germany听will increase its climate contribution to $6 billion a year by 2025. Nearly half the funding will be for adaptation, including in Africa.
Presidents Macky Sall of听Senegal听(also African Union Chair), Nana Akufo-Addo of听Ghana, William Ruto of听Kenya,听Andry Rajoelina of听Madagascar, Hassan Sheikh Mohamed of听Somalia, were at the event.听
So were Chancellor Olaf Scholz of Germany and Prime Minister Mark Rutte of the Netherlands, among others.
The backdrop is Africa鈥檚 precarious climate change situation, worsened by the effects of the Ukraine conflict and COVID-19 pandemic.听
The听African Development Bank听(AfDB) president, Akinwumi Adesina, reiterated the need for effective adaptation in Africa. Adequate financing for related projects was the recurring theme during the event.
Ms.听Georgieva听said 鈥淲ithout support, Africa will not reach its potential. Each one of us must stand up and be counted.鈥澨�
Mr. Cleverly of the UK maintained: 鈥淲e must deliver if Africa is to overcome climate change and fulfill its limitless potential.鈥�
For Mr. Scholz, there was some urgency: He said 鈥淭ime is running out鈥� for industrialised countries to meet their climate finance commitment of $100 billion by 2025, adding that Africa was contributing only marginally to emissions.
Unified call
The African leaders were unified in their call for financial support. Currently, lamented President Sall, many African countries borrow to finance adaptation projects, citing Senegal鈥檚 electric train and bus projects costing $1.4 billion.听
President Akufo-Addo (Ghana), as well as President Ruto (Kenya) said Africa needed rapid injection of adaptation financing.
It must be 鈥渁dequate, timely and accessible in order to be effective,鈥� said Mr. Ruto.
Assisting Africa to boost adaptation is a 鈥渕oral imperative,鈥� Mr. Adesina maintained.
It was a view shared by Patrick Verkooijen, CEO of the听, an international organization working to broker solutions to support for adaptation.
In addition to the many devastating climate change consequences, the AfDB boss lamented that some five million Africans were displaced.
鈥淎frica is under siege; Africa cannot keep quiet. We are seeking a partnership,鈥� said Mr. Adesina. He听 added: 鈥淲orld leaders need to hear our voices. Megawatts of words must translate into megawatts of financing for Africa.鈥�
Africa鈥檚 financing requirements
While Africa needs $33 billion annually for adaptation, it currently receives about $6 billion, prompting African leaders to endorse the AAAP.
Under the AAAP鈥檚 auspices, the AfDB and the GCA hope to mobilise $25 billion to support interventions in food security, resilient infrastructure, youth entrepreneurship and job creation and innovative climate adaptation finance.
Mr. Adesina announced that the AfDB would provide $12.5 billion and called on Africa鈥檚 partners to assist with the remainder of $12.5 billion.
UN Secretary-General听Ant贸nio听Guterres backed Africa鈥檚 adaptation ambition, saying that investing in adaptation in Africa would benefit the rest of the world.听
Mr.听Guterres听echoed his well-received COP27听opening remarks听wherein he asked governments to tax the windfall profits of fossil fuel companies and the money used to support 鈥減eople struggling with rising food and energy prices and to countries suffering loss and damage caused by the climate crisis.鈥�
