New study expects climate change to slash African GDP by 7.1%

Daba Finance/climate change to slash African GDP by 7.1%

AFRICAN BUSINESS AND ECONOMYFebruary 25, 2024 at 6:05 PM UTC

TLDR

*Center for Global Development study highlights severe socioeconomic impact of climate change on Africa*
*Projection: 200 million Africans to face severe hunger, 30% crop revenue decline, 7.1% decrease in GDP per capita*
*Africa disproportionately affected by climate change, emphasizing urgency in addressing the challenge for sustainable development*

The study conducted by the Center for Global Development highlights the severe socioeconomic impact of climate change on Africa, projecting that 200 million Africans will face severe hunger, crop revenues will decline by 30%, and average GDP per capita will decrease by 7.1%.

According to the study, Africa will be disproportionately affected by climate change, with the continent bearing the brunt of the consequences. While moderate economic losses are forecasted until 2050, the impact is expected to worsen significantly thereafter.

The study emphasizes that failure to address the challenge of climate change will deepen socioeconomic problems in Africa and undermine the progress made in development over the past decades.

Key Takeaways

Philip Kofi Adom, the author of the study from South Africa's University of the Witwatersrand, warns that without intervention, climate change will exacerbate existing challenges and hinder further development efforts in Africa. Urgent and concerted action is needed to mitigate the effects of climate change and build resilience in vulnerable communities across the continent. These findings underscore the urgent need for action to mitigate the effects of climate change, particularly in developing countries where the impact is expected to be most acute. They also further buttress the importance of emerging climate-focused startups increasingly drawing major funding from venture investors.

Climate Change

Africa

Economy

GDP

Climate Adaptation

ClimateTech