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Africa to be $2.5 trillion short of climate finance by 2030, UN says

(Reuters, 4 Mar 2024) Africa will be $2.5 trillion short of the finance it needs to cope with climate change by 2030, a U.N. official said on Monday, adding that the continent has contributed the least to greenhouse gas emissions while seeing some of the worst impacts.

Africa attracts only 2% of global investments in clean energy but needs $2.8 trillion of investment in the sector by 2030, United Nations Economic Commission for Africa chief economist Hanan Morsy told a conference in Victoria Falls, Zimbabwe, warning against the consequences of under-funding.

"We end up in a vicious circle with investment shortfalls increasing exposure risk and worsening impact, further eroding fiscal space and raising finance costs," she said. Despite producing low emissions compared to other continents, climate change is costing African countries 5% of gross domestic product (GDP) annually, Morsy said. On average, each African produced 1.04 tonnes of carbon dioxide emissions in 2021, less than a quarter of the global average, a joint U.N.-African Union report found last year.

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Reuters, 4 Mar 2024: Africa to be $2.5 trillion short of climate finance by 2030, UN says