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illuminem summarizes for you the essential news of the day. Read the the full piece on Bloomberg or enjoy below
🗞️ Driving the news: The Africa Adaptation Acceleration Program (AAAP), the globe's leading climate resilience effort, has unveiled its initial country-specific investment blueprints (compacts)
• These plans aim to highlight potential adaptation investments and funding necessities, with the overarching goal of attracting more financial support
🔭 The context: Africa, despite contributing under 4% of worldwide greenhouse gas emissions, faces some of the severest repercussions of climate change
• To fortify its infrastructure against climatic impacts and secure its agriculture, the continent might require a staggering $100 billion annually, as per the Global Center on Adaptation
🌎 Why it matters for the planet: As regions like the Horn of Africa suffer unprecedented droughts and places from South Africa to Nigeria endure flooding, it's pivotal for African nations to possess tools that expedite adaptation
• The compacts introduced by AAAP, designed with specific national contexts, can be instrumental in this effort
⏭️ What's next: Seven countries, including Nigeria, Senegal, and Kenya, are the first to present their compacts and seek financial backing
• In the coming months, nations like Tanzania will commence discussions with potential financiers
💬 One quote: [The compacts] “are a vital country-led tool… droughts and floods are becoming more frequent and more intense," (Ban Ki-Moon, ex-UN Secretary-General)
📈 One stat: Kenya alone projects a need of $44 billion for adaptation strategies by 2030
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