The African continent will get €1 billion from the European Union to help with climate adaption.
On November 15, 2022, Frans Timmermans, the executive vice president of the European Commission, made the announcement during the UN Climate Change Conference in Egypt.
During the event, he pointed out that the COP27 is heavily focused on Africa due to the economic difficulties brought on by climate change in the continent.
“Africa has made the smallest impact on our current situation. However, many of the nations on this continent are among those that are most at risk from climate change and are currently experiencing more hardship. Therefore, we must improve in order to adapt in Africa, according to Frans Timmermans.
“That is why I am happy to announce at this event that together the European Union and four member states, France, Germany, the Netherlands, and Denmark, will provide over 1 billion euros to support adaptation in Africa. This 1 billion euros initiative is a starting point. Other member states can join and we also encourage development banks to join.” Frans Timmermans added.
Frans Timmerman stated that the $1 billion would be put to use in four crucial areas.
Data collection and analysis on climate risk.
Creating a reinforcement and warning system.
The development of multi and single-country proposals to mobilize international climate finance, including from the private sector.
Strengthening climate and disaster risk finance and insurance mechanisms to protect vulnerable populations against climate hazards.
Speaking further at the event, the executive vice president noted that support from the UN would not just be relegated to climate adaptation alone, but also to the repair of some of the damages spawned by climate change. To this effect €60 million would be donated.
In order to avoid the kind of harm that Africans saw this year as a result of unusual weather patterns, he also discussed creating climate-resilient infrastructures on the continent.
The EU won’t end there. Our primary global budgetary program now has a 35% climate finance target. Additionally, we want to attract more funding for infrastructure that is safe, secure, and climate resilient. This comprises, among other things, the Great Green Wall, the EU-African Union effort for transboundary water management, and strategic corridors. said Frans Timmermans.