Africa is losing 5%-15% of its per capita economic growth due the effects of climate change and is facing a gaping climate finance shortfall, according to the African Development Bank .African nations received around $18.3bn in climate finance between 2016 and 2019, Kevin Urama, the AfDB’s acting chief economist, said in a statement on Tuesday."These sums reflect how the crisis is," Urama said.
Rich nations promised in 2009 to deliver $100bn in climate financing to the developing world. But that pledge has only ever been partially met and is due to expire in 2025. African ministers meeting in Cairo last week ahead of November's COP27 climate summit decried the lack of support, which they said had resulted in the continent benefiting from less than 5.5% of global climate financing.
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