By Tabora Bojang
The World Bank has estimated that The Gambia requires approximately US$13 billion to fund its green energy targets, climate adaptation measures and infrastructure financing.
World Bank country representative Franklin Mutahakana said the bank’s Country Climate and Development Report (CCDR) estimates that over US$13 billion is required as total climate and development financing needs of The Gambia by 2050.
“Climate change is no longer a distant risk to The Gambia. it is already shaping the economic outcomes, development and fiscal stability. Preliminary findings from the country climate development report clearly show climate related shocks could cost The Gambia up to 9 per cent of GDP by mid-century with urban and coastal areas especially Banjul being among the most exposed,” the World Bank rep disclosed during an international donor conference hosted by the Gambia government yesterday.
The conference aims at mobilising climate financing for sustainable growth and macroeconomic resilience in The Gambia.
According to Mr Mutahakana, The Gambia has the potential to transform its climate risks into opportunities that are sustainable and inclusive to build resilience, expand green development and economic stability. He reported that the World Bank is increasingly focused on turning climate risks into bankable investment opportunities and is investing in climate-friendly programmes to enhance coastal protection, energy transition and climate smart agriculture among others.
He said the government of The Gambia has made important strides in creating an enabling environment for climate finance.
Finance Minister Seedy Keita noted that challenges posed by climate change demand strategic partnerships and innovative financing solutions.
“Climate change is a reality that is shaping our economy, affecting agriculture, threatening our coastal infrastructure and placing increasing pressure on the livelihoods of our people. This risk underscores the urgent need for sustainable investment in resilience and adaptation,” Keita said.
He disclosed that beyond climate vulnerability, the government is embracing a different vision to ensure climate action becomes a driver of economic transformation and long term prosperity. “It is within this context that the Government of The Gambia developed the Climate Prosperity Investment And Financing Strategy which we are pleased to present before this conference today. This strategy recognises climate change as a macro critical item and provides a national investment and financing roadmap to transition from climate vulnerability towards a resilient, inclusive and climate friendly economy. It brings together our commitment under Nationally Determined Contribution, our long term climate strategy 2050 and broader national development priorities into a single coherent investment architecture designed to mobilise capital at scale for climate prosperity.”
The conference signals solidarity in climate action and was graced by the World Bank deputy managing director, governor of the Central Bank, development partners, foreign missions, private institutions and banks among others.
