The World Bank unveiled a 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. Titled “Accelerating Climate-Resilient and Low-Carbon Development,” the Africa Climate Business Plan, in a statement, will be presented at COP21, the global climate talks in Paris, on November 30.
Included in the plan is 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 far-ranging impact on everything from child stunting and malaria to food price increases and droughts,” said World Bank Group President 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.”
Of the $16.1 billion, some $5.7 billion is expected to come from the International Development Association (IDA), the arm of the World Bank Group that supports the poorest countries. About $2.2 billion is expected from various climate finance instruments, $2.0 billion from others in the development community, $3.5 billion from the private sector, and $0.7 billion from domestic sources, with an additional $2.0 billion needed to deliver on the plan.