President of the African Development Bank, Dr Akinwumi Adesina, says Africa is losing between $7 billion and $15 billion every year to climate change — a figure that could hit $50 billion by 2050 if urgent steps aren’t taken.
Speaking at the 14th Convocation Lecture of the National Open University in Abuja, Adesina warned of an ongoing “carbon grab” as some countries acquire large tracts of African land for cheap carbon credits, stripping the continent of its natural wealth.
He noted that while Africa contributes significantly to global climate solutions, it receives only 3% of global climate finance. “Africa is nature-rich but cash-poor,” he said.
Adesina added that the AfDB is working on a new framework to revalue Africa’s GDP based on its natural capital, and is also leading a $25 billion climate adaptation programme to help countries manage the impacts of climate change.
