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Côte d'Ivoire needs $22bn to combat climate change by 2030 (IMF)

Wednesday, 24 April 2024 18:31
Côte d'Ivoire needs $22bn to combat climate change by 2030 (IMF)

(Ecofin Agency) - The International Monetary Fund (IMF) has estimated that Côte d'Ivoire's financing needs to combat the impacts of climate change amount to $22 billion over eight years starting from 2022. This information stems from a report released by the institution on April 22.

According to the IMF, these requirements are divided into two categories: $12 billion for implementing adaptation measures and $10 billion for mitigating the effects of climate change. The institution reported that the country loses around $80 million annually, approximately 0.11% of its GDP, due to flooding. Rising temperatures and sea levels impact various economic sectors, notably agriculture, which contributes 17% to the GDP.

In response to this challenge, Ivorian authorities have committed to implementing several initiatives with development partners to reduce greenhouse gas emissions by 30.41% by 2030.  For instance, the IMF approved a $1.3 billion aid program in February under the Resilience and Sustainability Facility (FRD) to support reforms aimed at combating climate change and mitigating its consequences.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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