Climate financing : implications for Africa’s transformation

Abstract

To date, all global assessments have concurred that Africa is the Earth’s most vulnerable region to climate change. The severity of Africa’s vulnerability to climate change was confirmed by the IPCC Fifth Assessment Report. Moreover, the International Research Institute for Climate and Society is warning of an El Niño that could result in above-average rainfall in the Horn of Africa. In spite of all these challenges, Africa’s determination to rise has never been stronger. Over the past decade, the continent has made remarkable economic and social development progress; indeed, seven out of the ten fastest-growing countries in the world are in Africa. Unfortunately, the risk posed by climate change threatens to overturn the gains made so far and impede Africa’s transformation.