Public Management

Ethiopia to spend $6bln every year on climate adaptation until 2030 (Power Shift Africa)

Ethiopia to spend $6bln every year on climate adaptation until 2030 (Power Shift Africa)
Monday, 28 February 2022 17:34

While the majority of climate aid funds are directed towards mitigation, Africa, with less than 4% of global pollution, is struggling to adapt. Faced with the lack of dedicated funding, African countries are trying to finance their adaptations.

According to estimates by the Think Tank Power Shift Africa, Ethiopia will spend $6 billion every year to adapt to climate change until 2030. The organization said it in its "Adapt or die, an analysis of African climate adaptation strategies" report published today February 28.

“To respond to these changes, the Ethiopian NAP (National Adaptation Plan, ed) outlines a range of adaptation measures, to be implemented until 2030. Taken together, they are expected to cost $6 billion every year, which is equal to about 5.6% of their current GDP,” the report reads.

The entire Horn of Africa region is experiencing the worst drought in 40 years. The episode has caused the death of more than 1.5 million livestock, according to the United Nations. The aid promised by developed nations is a drop in the bucket compared to the needs of the continent.

At the end of COP 26, in November 2021, the draft agreement promised that by 2025, rich countries will double their current funding to help poor countries adapt to climate impacts. But, until now, no figures have been officially mentioned. In 2009, developed countries pledged $100 billion a year to support the poorest countries in climate-related initiatives.

Of this money, only a quarter is spent on adaptation. But the commitment has not been met either. Of the $80 billion they have managed to raise per year, 57% is made up of loans that worsen the debt situation of recipients.

Countries are therefore turning to domestic funds, failing to obtain financing for adaptation to climate change. According to Power Shift Africa, South Sudan, the second poorest country in the world, should spend 3% of its GDP per year on adaptation. This is $376 million. South Africa is expected to spend more than $2 billion a year while Sierra Leone is expected to spend $90 million.

Mohamed Adow, Director of Power Shift Africa, said: “This report shows the profound injustice of the climate emergency.”

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
New facility supports AML/CFT tech upgrades amid global scrutiny Initiative aims to reduce de-risking, support trade and financial access The...
Wave launches Wave Bank Africa in Côte d'Ivoire with $32M capital Move follows €117M funding to expand digital and traditional banking New...
Absa to acquire Standard Chartered’s retail, wealth units in Uganda Deal aligns with Absa’s regional growth, pending regulatory approval Standard...
Gabon mandates local reinsurance use before foreign transfers Policy aims to curb capital flight, boost premium retention Insurance market revenue...
Most Read
01

BYD to install 200-300 EV chargers in South Africa by 2026 Fast-charging stations powered by grid...

China's BYD Plans 300-Station EV Charging Network for South Africa
02

Drones to aid soil health, pest control, and input efficiency High costs, skills gap challenge ac...

Kenya Plans National Drone Rollout to Modernize Farming
03

Diaspora sent $990M to CEMAC via mobile money in 2023 Europe led transfers; Cameroon dominat...

Mobile Money Transfers to CEMAC Near $1B in 2023
04

TotalEnergies, Perenco, and Assala Energy account for over 80% of Gabon’s oil production, estimate...

Gabon Seeks Foreign Partners to Revive Declining Oil Sector
05

IMF cuts WAEMU 2025 growth forecast to 5.9% Strong demand, services, and construction support...

IMF Lowers WAEMU Bloc’s Growth Forecast to 5.9% for 2025, Benin Now Leading
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.