• About
  • Become a Climate Reporter
  • Send Us Your Report
  • Submit A News
  • Support Us
  • Privacy Policy
  • Contact Us
Thursday, May 29, 2025
NEWSLETTER
Africa Climate Reports
No Result
View All Result
  • HOME
  • CLIMATE CHANGE
  • SUSTAINABLE DEVELOPMENT
  • FOOD
  • FOREST
  • ENERGY
  • WASH
  • LAND
  • OTHERS
    • FINANCE
    • HEALTH
    • OCEANS
    • TOP STORIES
    • MOST POPULAR
    • COLUMNISTS
    • INTERVIEWS
    • OPINIONS
    • PHOTOS
    • VIDEOS
Africa Climate Reports
  • HOME
  • CLIMATE CHANGE
  • SUSTAINABLE DEVELOPMENT
  • FOOD
  • FOREST
  • ENERGY
  • WASH
  • LAND
  • OTHERS
    • FINANCE
    • HEALTH
    • OCEANS
    • TOP STORIES
    • MOST POPULAR
    • COLUMNISTS
    • INTERVIEWS
    • OPINIONS
    • PHOTOS
    • VIDEOS
No Result
View All Result
Africa Climate Reports
No Result
View All Result

Vulnerable countries have lost $525 billion to climate change in 2 decades – Report

by editor
June 20, 2022
in Atâyi Babs LIVE!, CLIMATE CHANGE, TOP STORIES
0
Home COLUMNISTS Atâyi Babs LIVE!
0
SHARES
18
VIEWS
Share on FacebookShare on Twitter

 

Decomposing animals in Kenya’s Sambuli Wildlife Conservancy near the Somali border CREDIT: Ed Ram/Getty Images

By Atayi Babs

A new report has confirmed that fifty-five vulnerable countries have been made poorer by the debilitating effects of climate change.

In aggregate dollar terms, the report estimates that these vulnerable economies have lost approximately US$ 525 billion over the two decades due to climate change’s temperature and precipitation patterns.

RelatedPosts

Africa Strengthens Rice Value Chain with Second Session of Rice Master Training Programme

L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz

Commissioned by the Vulnerable Twenty (V20), a group of Finance Ministers from the Climate Vulnerable Forum, the report establishes that Climate change has eliminated one-fifth of the wealth of the V20 countries with primary evidence.

It indicates that the V20 would have been 20% wealthier today if not for climate change and the losses it incurred for poor and vulnerable economies.

“The Economic losses cut GDP growth in the V20 by one per cent each year on average, which averaged 3.67% in 2019 across the vulnerable economies,” the report said.

A setback for two decades

From 2000 to 2019, the report estimated economic losses due to hydro-meteorological extreme events are higher than in the previous two decades, and the world’s most vulnerable economies are also not adapting fast enough to cope with the changing climate as it currently stands.

The report was presented today at an event which saw Ghana assuming leadership of the V20 at the ongoing Bonn climate talks holding in Germany.

This report, according to Kenneth Nana Yaw Ofori-Atta, Ghana’s Finance Minister, “should sound alarm bells for the world economy, since V20 are fast-growing engines of global economic growth, whereas the climate crisis has the potential to bring that phase to an end if the world fails to act.”

“The failure on the $100 billion of international climate finance delivery, particularly the failure to ensure a 50:50 balance for adaptation, has left us highly exposed,” Ofoi-Atta said.

Represented by Prof Seth Ofaso, Ofori-Atta called for “an international financing mechanism for climate change loss and damage as a matter of pragmatism and justice.”

The V20 and Climate Vulnerable Forum, he said, are calling on COP27 to establish this financing facility in solidarity with victims least responsible for, and least equipped to withstand, the increasingly extreme physical shocks driven by climate change.”

Prof Osafo told PAMACC that it is untenable that the world’s rich and responsible nations continue to refuse the poor, vulnerable and least responsible nations, support for the crushing costs that they bear because of inaction on the climate crisis.

“It should fall on COP27 to decisively act on the void of finance for loss and damage in a clear litmus test for whether those fueling the climate crisis can truly begin to take responsibility for the breath of damage that has been unleashed by it, Osafo added.”

The litmus test

The midyear Bonn climate talks began on a feverish note on Monday with widespread calls to consider a financing facility for loss and damage as an agenda item for the Sharm el-Sheik climate talks scheduled for November 2022 in Egypt.

The call became necessary, analysts say, following the failure to balance the insistence for the finance facility by poor nations and the veiled opposition from rich nations led by the USA and some European nations at last year’s Glasgow climate talks.

From G77 countries to the African Group of Negotiators (AGN), from Least Developed Countries (LDC) to green advocacy groups, the groundswell of support for the financing facility has been massive, proving to be a litmus test for the talks.

Green groups, however, are wary of a fair outcome for the Bonn talks as ominous signs of goalpost-shifting tactics and empty talk shops appear on the horizon despite assurances of an “open, transparent process for all and a great appetite to make progress” made by Tosi Mpanu Mpanu, the chair of the Bonn climate talks.

Charles Mwangi of the Pan African Climate Justice Alliance (PACJA) urged negotiators in Bonn to be alive to the differentiated impacts of losses and damages to men, women, youth and the disabled and act following the established evidence.

“In the spirit of the urgency of the times we now live in, we call on parties to the UN framework convention on climate change (UNFCCC) to consider the role and capacity of Civil Society Organizations in loss and damage response and fast track mechanisms for easing access to climate finance to CSOs,” Mwangi told PAMACC.

Keeping 1.5°C alive

Equally of concern to the V20 report is the need for more stringent mitigation action to keep the global mean temperature increase below 1.5°C.

Given that warming is set to progress to within 1.5ºC in the next decade regardless of further mitigation action, it is believed that economic losses would continue to increase except adaptation accelerates at a phenomenal rate both to prevent loss and damage at current levels, as well as to offset the growth in economic losses and damage that will be generated as temperatures continue to rise.

Nearly all V20 economies have already warmed to mean temperatures that are far beyond what would be optimal for generating economic growth, and thereby instead incur economic losses – additional warming will only carry V20 economies further from the optimum, greatly increasing the risks of losses in the future.

The V20 Group of Finance Ministers of the Climate Vulnerable Forum is a dedicated cooperation initiative of economies systemically vulnerable to climate change. The V20 works through dialogue and action to tackle global climate change.

About 25 countries in Africa and the middle-east are members of the V20. These include Benin, Ghana, Rwanda, Kenya, DR Congo and Malawi. Others are Eswatini, Palestine, Tunisia and Yemen while 19 Asia-pacific countries such as Sri Lanka, Bangladesh and the island nations alongside 11 Latin America and the Caribbean countries of Haiti and Honduras make up the rest.

 

Continue Reading
Tags: G77LDCsloss and damagePACJAUNFCCC
ShareTweetSendShare
editor

editor

Related Posts

L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz
Atâyi Babs LIVE!

Africa Strengthens Rice Value Chain with Second Session of Rice Master Training Programme

May 13, 2025

By Ken Koutchakpo AfricaRice, in collaboration with GIZ’s Market-Oriented Value Chains for Jobs and Growth in the ECOWAS Region (MOVE)...

L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz
Atâyi Babs LIVE!

L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz

May 13, 2025

Par Ken Koutchakpo AfricaRice, en collaboration avec le projet MOVE de la GIZ (Chaînes de Valeur Orientées vers le Marché...

Next Post
La route, de la COP 27 en Égypte passe par Bonn

La route, de la COP 27 en Égypte passe par Bonn

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Renforcement des capacités des producteurs de riz : un pas décisif vers la sécurité alimentaire

Côte d’Ivoire targets Food Security through Capacity Development for Rice Farmers

1 week ago
Renforcement des capacités des producteurs de riz : un pas décisif vers la sécurité alimentaire

Renforcement des capacités des producteurs de riz : un pas décisif vers la sécurité alimentaire

1 week ago
L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz

Africa Strengthens Rice Value Chain with Second Session of Rice Master Training Programme

2 weeks ago
L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz

L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz

2 weeks ago
Mining Communities Urge Community-Led Path in South Africa’s Energy Transition

Mining Communities Urge Community-Led Path in South Africa’s Energy Transition

2 weeks ago
Beninese Rice Farmers hail Climate Resilience and Regenerative Agriculture  at Mega Field Day

Beninese Rice Farmers hail Climate Resilience and Regenerative Agriculture at Mega Field Day

1 month ago

Popular News

    Social Media

    ABOUT US

    Africa Climate Reports is Africa’s first and largest bilingual journal dedicated to opening new vistas in the coverage and reportage of climate change and the region’s environment. With a multi-lingual team of talented reporters from across the continent, we tell the African climate story in a refreshingly lucid, communally engaging and technically robust manner.

    SITE LINK

    • About
    • Advertise
    • Careers

    OTHER LINKS

    • About
    • Become a Climate Reporter
    • Send Us Your Report
    • Submit A News
    • Support Us
    • Privacy Policy
    • Contact Us

    NEWSLETTER

    Be the first to get notified when we have something new to share. Get Africa Climate Reports newsletter directly into your email.
    we promise not to spam you!
    • About
    • Advertise
    • Careers

    © 2024 All Rights Reserved- Africa Climate Report - Designed by Prexy

    No Result
    View All Result
    • HOME
    • CLIMATE CHANGE
    • SUSTAINABLE DEVELOPMENT
    • FOOD
    • FOREST
    • ENERGY
    • WASH
    • LAND
    • OTHERS
      • FINANCE
      • HEALTH
      • OCEANS
      • TOP STORIES
      • MOST POPULAR
      • COLUMNISTS
      • INTERVIEWS
      • OPINIONS
      • PHOTOS
      • VIDEOS

    © 2024 All Rights Reserved- Africa Climate Report - Designed by Prexy