By Lucy Ogalue

Dr Akinwunmi Adesina, the Group President, African Development Bank (AfDB), said Africa is losing about seven to 15 billion dollars annually to the ravages of climate change.

Adesina said this during a media conference in Nairobi on the sidelines of the ongoing AfDB Annual Meetings 2024.

The News Agency of Nigeria (NAN) reports that the meeting marks the 60th anniversary and 59th Annual Assembly of the AfDB and the 50th meeting of the African Development Fund (ADF).

Adesina said while Africa contributed minimally to global emissions, it bore the disproportionate burden of environmental degradation catastrophes.

According to him, the continent, accounting for a mere three to four per cent of emissions, is unexpectedly suffering the most severe consequences of environmental upheaval.

He said the situation would worsen if immediate action was not taken, adding that by 2030, Africa’s annual losses to climate change could skyrocket to a staggering 40 billion dollars.

“Africa loses seven to 15 billion dollars yearly to climate change. If that does not change, that will grow to roughly 40 billion dollars annually by 2030.

“That means we are losing much of our potential for something we did not cause, because Africa did not account for more than three to four per cent of climate emissions.

“But it is suffering today disproportionately from the negative consequences of climate change which can amplify the strain on already vulnerable economies,” he said.

According to the AfDB president, the unfolding events clearly portray Africa’s struggle against the elements.

“From Malawi’s worst drought in memory to Zimbabwe’s declaration of a national emergency due to severe drought, Mozambique grappling with devastating floods, the continent is besieged by extreme weather events.

Adesina emphasised the need for action that was beyond mere acknowledgement, a need for global financial support to bolster Africa’s resilience and facilitate adaptation measures.

“Africa’s economy’s future is going to depend on building resilience to these particular shocks because climate change is devastating the whole continent,” he said. (NAN)(www.nannews.ng)

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Edited by Joseph Edeh

By Lucy Ogalue

The African Development Bank (AfDB) Group President, Dr Akinwumi Adesina will be honoured with the “HeForShe” Champion Award in recognition of his commitment to gender equality and women empowerment across Africa.

The UN Women said this during a side event as part of the ongoing AfDB Annual Meeting in Nairobi, Kenya.

The News Agency of Nigeria (NAN) reports that the event’s theme is “The Future of Finance and Women’s Economic Empowerment.”

It drew leaders and representatives from the public and private sectors, civil society organisations and financial institutions.

HeForShe, is UN Women’s solidarity movement for gender equality. HeForShe invites men and boys to build on the work of the women’s movement as equal partners.

Dr Beth Dunford, Vice-President, Agriculture, Human and Social Development, AfDB Group, reiterated the Bank’s commitment to empowering women on the continent.

Dunford said the event marked a significant milestone in the collaboration between the Bank and UN Women as they joined forces to address women’s economic disparities on the continent.

She said, ”The AfDB is committed to implementing policies that promote gender equality and eliminate gender-based violence and discrimination across Africa.

“We must listen and amplify women’s voices while ensuring that Africa’s women have equal opportunity. Empowering African women is a moral imperative – as well as smart economics.

“UN Women announced that the Bank would become part of the UN Women-led HeForShe Alliance.

“The award to the AfDB’s president recognises his leadership in advocating for gender equality in Africa.”

The vice president highlighted the work undertaken by the Bank in accordance with its Ten-Year Strategy 2024-2033 and its Gender Strategy 2021-2025.

Dunford said the strategy placed women’s empowerment at the heart of its development agenda.

She said that the Bank approved 1.7 billion dollars of investments for women entrepreneurs across 43 countries through its Affirmative Finance Action for Women in Africa (AFAWA) initiative.

She added that over 18,000 women-owned and led businesses had received financing via AFAWA-supported programmes.

The UN Women’s Director of Policy, Programme and Intergovernmental Division, Sarah Hendriks, said that women’s economic empowerment was a matter of social justice and an economic imperative.

“By unlocking the potential of women, we can drive sustainable development and foster resilient economies.

“The strategy articulates UN Women’s vision and priorities as an organisation and ways of working to support women to thrive and economies to prosper,” Hendriks said.

NAN reports that UN Women inaugurated its Women’s Economic Empowerment Strategy during the event, which aims to accelerate gender equality and foster inclusive economic growth.

The multi-layered presentation explained how the strategy empowers women through targeted initiatives that enhance women’s access to resources, opportunities, and leadership roles in the economy.

The strategy prioritises three key areas essential for achieving gender equality, underpinned by promoting gender-responsive macroeconomic policies, addressing discriminatory social norms, and increasing financing for gender equality.

Anne Wang’ombe, Principal Secretary of the State Department for Gender and Affirmative Action in the Kenyan Ministry of Gender, Culture, the Arts and Heritage, attended the session.

Harrieth Chiggai, Women’s Rights Advisor to the president of Kenya, and Nnenna Nwabufo, AfDB’s Director-General for East Africa were also part of the event. (NAN)(www.nannews.ng)

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edited by Sadiya Hamza