Addis Ababa: The 2023 State of the Climate in Africa report underscored the urgent need for increased investment in climate adaptation and resilience. The United Nations Economic Commission for Africa (ECA), the World Meteorological Organization (WMO) and the African Union Commission, jointly launched the 2023 State of the Climate in Africa report at the 12th Climate Change and Development in Africa (CCDA12) Conference. The report presents a stark overview of the climate crisis facing the African continent and underscored the urgent need for increased investment in climate adaptation and resilience. Central to the Report's analysis is that African countries are facing an escalating climate change bill, with an average loss of 2-5 percent of GDP due to climate extremes. In Africa, the cost of adaptation is estimated to be between 30-50 billion USD annually over the next decade, representing 2-3 percent of the region's GDP. Commissioner for Agriculture, Rural Development, Blue Economy, and Sustainable Envir onment at the African Union Commission, said 'The State of the Climate in Africa 2023 Report highlights the urgent need for action. Africa faces disproportionate burdens and risks from climate change, which threatens food security, public health, and socio-economic development across the continent.' Deputy Executive Secretary and Chief Economist at the Economic Commission for Africa (ECA) Hanan Morsy said, 'Africa is on the front lines of fighting climate change and its impacts, from rising temperatures to shifting rainfall patterns, and other extreme weather events. Consequently, she added that key sectors like the agricultural, which employs over 60 percent of Africa's population, are under threat. 'Crops are failing and livestock is suffering as climate variability disrupts traditional farming practices, jeopardizes food supply, and the economic stability of nations, which are already grappling with high poverty and levels.' 'At the same time, African countries face significant debt distress, forcing trade-offs with critical development needs such as health or education. We can only drive investments in climate action if we have financing, therefore, there is a need to achieve sustainable debt levels to make the essential investments' added Morsy. To this end, she explained, 'There must be first, a timely and sustainable international debt resolution that calls for an overhaul of the G20 Common Framework to make it more effective, time-bound, and transparent.' She also stressed the need for a reform of the global financial architecture to ensure affordable financing at scale and the implementation of innovative financing instruments such as debt-for-nature swaps, and green and blue bonds. The Deputy Executive Secretary explained the importance of advancing carbon markets to establish a fair carbon price supported by high-integrity carbon registries to ensure transparency and trust. These are transformative avenues to address Africa's climate finance requirements. The 2023 State of the Climate in Afric a 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. Source: Ethiopian News Agency