The cost of climate adaptation and resilience in Africa is estimated to be about US$50 billion annually over the next decade, representing two to three percent of the continent's GDP.

Based on this, the 2023 State of the Climate in Africa Report says there is an urgent need for increased investment in climate adaptation and resilience for the continent. 

The recently launched report presents an overview of the climate crisis facing the African continent.

It indicates that African countries are facing an escalating climate change bill with an average loss of two-to-five percent of GDP due to climate extremes.

Hence, the report serves as a reminder of the urgency of climate action in Africa, which is disproportionately impacting the continent's social and economic development.

It further highlights the importance of the continent to continue advocating for increased investments in climate adaptation and resilience, particularly through the laws and dynamic priorities.

The report also emphasised that Africa can only drive investments in climate action if it has a timely and sustainable international debt resolution that is effective, time-bound, and transparent.

Secondly, a reform of the global financial architecture is needed to ensure affordable financing at a large scale, as well as the implementation of innovative financing instruments such as debt-for-nature swaps and green and blue bonds; 

It must also advance carbon markets to establish a fair carbon price supported by high-integrity carbon registries to ensure transparency and trust. 

The 2023 State of the Climate in Africa report is expected to serve as a vital tool for policymakers, providing the observational basis necessary to drive action and support decision-making in the face of an increasingly challenging climate future.