15 C
New York
Saturday, September 23, 2023

Latest Posts

Liberia Faces US$460M Climate Funding Gap

The African Development Bank is reporting that Liberia, which is one of the world’s least polluting countries, is in dire need of funding to fight climate change, as Liberia faces a staggering US$460 million funding gap.

The revelation from the Bank, which is one of the country’s major lenders, comes as experts warn that Liberia is highly vulnerable to the adverse effects of climate change.

In its African Economic Outlook 2023 report, the Bank said that the country needs an estimated $490.6 million to achieve its climate and green growth ambitions through 2025.

“But Liberia faces a gap of $460 million based on its Nationally Determined Contribution, with zero financing yet from the private sector,” the Bank said in the report.

“Some of the main reasons are difficulty accessing financing to pay for adaptation actions, lack of financial incentives to motivate private actors to invest in new products or markets that support adaptation, and lack of de-risking opportunities in investments — particularly large-scale infrastructure investments that support green growth.”

The issue of the climate change funding gap is a problem that is not only unique to Liberia but many African countries.

Africa emits only about three percent of global greenhouse gasses, experts say but is home to many countries that are among the most exposed to the effects of climate change, notably worsening droughts, and floods.

Meanwhile, Liberia’s climate funding deficit comes as it requires substantial financial support to implement effective climate change mitigation and adaptation measures.

The impact of climate change is already worsening the country’s flood-related disasters, and the frequency of extreme weather events is projected to increase in the coming decades.

Latest Posts

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.