The African Risk Capacity (ARC) has published a white paper examining the state of natural disasters in Africa. The paper titled “The State of Natural Disasters in Africa”, sheds light on a growing concern: the increased frequency of weather-related natural disasters and their devastating economic impact on the continent. Over the last decade, the frequency of disasters has steadily increased, rising from 32 incidents in 2014 to 56 occurrences in 2023, mainly due to floods, in 29 African countries where data is available. It is estimated that African governments spent $2.2 billion managing weather-related natural disasters in 2023, with approximately 25% attributable to Libya, which accounts for over 0.5% of Libya’s GDP.

Climate change underlies the more frequent and severe weather events like droughts and floods, causing significant loss of life, destruction of livelihoods, and displacement of communities. Analysing the economic burden of weather disasters on African nations, the paper provides insights into the cost of disaster risk management, explores the current trajectory of weather events, and proposes response mechanisms for effective disaster management.

The European Investment Bank (EIB) today released its 2023 Sustainability Report, the results of which showcase its achievements in the areas of climate action and environmental sustainability. The report underscores the commitment of the European Investment Bank Group, which consists of the European Investment Bank and the European Investment Fund, to promoting sustainable development and inclusive growth through strategic investments and innovative projects in Europe and globally.

EIB-financed projects included our 2023 reporting will mitigate the emission of 5.2 million tonnes of carbon equivalent – which corresponds to the annual carbon footprint of some 520,000 European households – demonstrating the environmental benefits resulting from the Bank’s financing activities.

The EIB committed a record €2.7 billion in new financing for climate adaptation projects in 2023, more than doubling the 2021 figures. These investments are crucial for building resilience against the impact of climate change and align with the goal of dedicating 15% of the EIB’s climate action financing to adaptation projects by 2025.

During a joint press briefing on the margins of the recently concluded 2024 High Level Political Forum (HLPF), Claver Gatete, Executive Secretary of the UN Economic Commission for Africa (ECA), called upon countries to explore reforms to the common debt relief framework to better address rising high indebtedness in Africa.

Highlighting the challenges of accessing financing for the continent’s priorities, “especially the concessional funds that are long term and cheaper,” Gatete said, “the reform of the global financing system is urgent, as it can mitigate access to critical resources needed for the implementation of the SDGs.” 

He noted that from 2010 to 2023, Africa’s debt increased by 192 percent according to data by the African Development Bank stating: “African countries are paying $163 billion per year with an external debt stock of $1.1 trillion. This increase is the highest we have ever seen.”

“This means that by paying the debt, countries have very little room to implement the SDGs and the next 10-year program of the African Union,” he added.