Needed billions leaving Africa yearly

Source: Aljazeera

By Richard Munang & Robert Mgendi

Dr Richard Munang is Africa Regional Climate Change Head & Co-ordinator at the United Nations Environment Programme.

Mr. Robert Mgendi works with the Africa Climate Change Programme.

This year, 2015, is a strategic make or break year for Africa’s development. With the launching of the post-2015 development agenda, the fulfilment of the Sustainable Development Goals (SDGs) will be pivotal towards ensuring socially inclusive and environmentally sustainable economic growth in Africa.

The common African position towards the post-2015 development agenda and the AU agenda 2063 represents Africa’s own blueprint towards poverty eradication and human development. The alignment of these frameworks to the global developmental priorities as spelled out in the SDGs constitute a defining moment that Africa should collectively capitalise on and craft strategies to ensure socially inclusive and environmentally sustainable economic development.

Capturing this defining moment means Africa must mobilise adequate financing for development projects that will operationalise the development strategies. The funding needed is however colossal.

Africa development strategies

For instance, in climate adaptation, the IPCC AR5 records that Africa is expected to invest in excess of $70bn to $100bn annually until 2050 in order to deal with hazards such as rising sea levels, storms, droughts, and other climate change effects. Under a below 2 degrees celcius warming scenario, the Africa gap report notes that Africa is still confronted with considerable impacts with long term adaptation costs estimated at around $35bn annually by 2050 and $200bn annually by the 2070s.

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