Sisi: Africa needs $ 3 trln to address impact of climate change

Sisi: Africa needs $ 3 trln to address impact of climate change
24 / 05 / 2023
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Egyptian President Abdel Fattah El Sisi said Africa needs about $ 3 trillion to address the negative impact of climate change in the continent until 2030 as estimates indicate that drought-related risks in the African continent have resulted in over $70 billion loss, as well as a reduction in the continent’s agricultural productivity growth by about 34%.

He made the remarks in his Speech at the Opening of the Annual Meetings of the African Development Bank (AfDB) which is held in Egypt’s Red Sea resort city of Sharm el Sheikh.

He said Africa needs – according to estimates of the United Nations (UN) and the African Development Bank – about $ 200 billion annually to achieve the Sustainable Development Goals (SDGs), $ 144 billion annually to address the negative repercussions of the COVIC-19 pandemic, and $ 108 billion annually to finance adaptation projects and upgrade the level of the infrastructure

Therefore, the bank’s meetings – which Egypt hosts for the third time – are significant in light of the role of the African Development Bank in providing adequate financing options to the needs of the continent’s countries.

“I would like to seize this opportunity to call on multilateral financing institutions to reconsider the criteria and conditions that qualify countries to obtain soft loans, so as to make them available for both low- and middle-income countries, particularly in light of the growing borrowing costs and the increasing debt service burdens, and their negative impact on the budgets of these countries,” the president said.

The problem of climate change and its negative repercussions are not only limited to the scope of a certain country or a region, but it is an existential issue that must come at the top of the strategic priorities of all countries in the world, he highlighted.

“Contrary to what some might think, the negative repercussions of climate change are on the rise for the least developed countries, which is evident in the countries of the African continent, where these changes lead to high drought rates, widening desertification and declining agricultural crop productivity,” he added.

The president underscored the importance of the “Loss and Damage Fund” for which the recommendations of the Egypt-hosted United Nations Climate Change Conference (COP27) called in order to provide the necessary funding to compensate countries affected by floods, drought and other climate disasters.

Sisi accentuated the urgent need to stimulate the private sector to assume a greater role in providing the necessary financing for the promotion of eco-friendly enterprises, while intensifying mechanisms for the use of clean energy sources and adopting the necessary policies and actions.

In this regard, Egypt is deeply interested in the environmental dimension. In 2021, the Government of Egypt issued the first edition of the “Environmental Sustainability Standards Guide”, entitled: “The Strategic Framework for Green Recovery”, with the aim of providing the necessary guidance to integrate sustainable development standards into development plans in order to positively affect the quality of life and the development process, the president noted.

The current AfDB meetings represent an outstanding opportunity to share knowledge and expertise and to provide the necessary technical support to address the implications of climate change, with a clear agenda in accordance with a timetable, to identify ways and mechanisms to deal with the various challenges facing African countries in order to achieve the Sustainable Development Goals.

“In conclusion, I would like, once again, to welcome all of you and wish you success in this edition of the annual meetings of the African Development Bank. And I would like to thank the African Development Bank for its tangible efforts in financing development projects across our continent, which makes us look forward to more successful partnerships with the multilateral financial institutions to realize the aspirations of our peoples for development, progress and prosperity,” he said.

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