WASHINGTON, USA, November 5, 2024 -/African Media Agency(AMA)/- A new report from the World Bank Group highlights the considerable economic and social benefits of climate action in Senegal as part of the implementation of its Vision 2050 development plan.
The new National Climate and Development Report (CCDR) for Senegal highlights the cost of climate inaction and warns that without adaptation, the effects of climate change could reduce Senegal’s GDP by 9.4% by 2050 Conversely, climate action can reverse these impacts, particularly for the most vulnerable, and boost growth. Investments needed for climate action are estimated at $1.36 billion per year until 2030 and $530 million per year between 2031 and 2050. Adaptation alone could increase Senegal’s GDP by at least 2% by 2030 and reduce climate-induced poverty by 40%.
“Climate action is more than a response to environmental challenges; it is investing in the prosperity and resilience of Senegal”, explain Keiko Miwa, World Bank Director of Operations for Senegal. “Through these transformative initiatives, Senegal can strengthen its human capital, protect its ecosystems and build a robust and sustainable economy for all, supporting long-term growth and consistent with the country’s vision. »
The report identifies key priorities for tackling climate change while maximizing development gains:
- Develop renewable energies and sustainable transport to mitigate climate change, reduce electricity costs, improve public health and create jobs. By leveraging Dakar’s new electric Bus Rapid Transit (BRT) system, Senegal can further reduce air pollution, improve mobility and boost urban productivity.
- Improve natural resource management to foster resilient economic activity and protect livelihoods, prioritizing coastal resilience. More than half of Senegal’s population and two-thirds of GDP are concentrated in areas highly vulnerable to climate risks.
- Promoting climate-smart agriculture to help farmers adapt to climate change, protect biodiversity and ensure food security while diversifying the sector and increasing production. This can increase agricultural yields by 20% and farmers’ income by 26%.
- Strengthening disaster risk management to reduce the socio-economic costs of extreme weather events through early warning systems, coordinated planning and disaster risk financing to help communities better prepare for and respond to disasters.
- Investing to equip young people and women with skills and adaptive health and social safety nets to mitigate the long-term threat of climate change and reduce income inequality.
- Create an environment conducive to development and the financing of climate solutions by the private sector. At least 40% of the financing needed for climate action must come from private investment. Aligning carbon prices, strengthening the domestic financial sector, and experimenting with innovative financial instruments such as sustainability-linked bonds and loans can support this effort.
“The private sector can play a central role in strengthening climate resilience and sustainable development in Senegal”underlines Olivier Buyoya, IFC Regional Director for West Africa. « Providing regulatory and financial support for climate change adaptation can enable businesses to integrate climate change adaptation measures, establish resilience standards and promote sustainable practices. Additionally, tailored financial products such as low-interest loans, credit guarantees, and targeted tax breaks and grants can help businesses invest in critical climate-resilient infrastructure.
The report calls for strategic investments and policy reforms to mobilize resources and create an enabling environment for climate action. Private sector participation and mobilization of diverse sources of financing are essential steps to achieving Senegal’s climate and development goals.
Distributed by African Media Agency (AMA) for the World Bank.
Contacts
In Dakar:
Seydina Alioune Djigo,
[email protected]
Source : African Media Agency (AMA)
2024-11-05 15:52:00
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**Interview with Keiko Miwa, World Bank Director of Operations for Senegal**
**Interviewer**: Thank you for joining us, Keiko. The recent report from the World Bank highlights dire projections for Senegal if substantial climate action isn’t taken. Can you summarize what these projections entail?
**Keiko Miwa**: Thank you for having me. The report reveals that inaction on climate change could reduce Senegal’s GDP by a staggering 9.4% by 2050. This would have severe implications for the economy and the livelihoods of many Senegalese people. Conversely, engaging in climate action now can stimulate growth and protect vulnerable populations.
**Interviewer**: That sounds alarming. What specific actions does the report recommend to mitigate these impacts?
**Keiko Miwa**: We’ve identified several key priorities: Developing renewable energy, enhancing natural resource management, promoting climate-smart agriculture, and strengthening disaster risk management. For instance, advancing renewable energy can lower electricity costs and create jobs, while climate-smart agriculture can boost farmers’ incomes and increase agricultural yields significantly.
**Interviewer**: It seems like climate action intertwines with economic development. How do you envision these strategies benefitting the country?
**Keiko Miwa**: That’s correct. By investing in these initiatives, Senegal can not only safeguard its ecosystems but also cultivate a resilient economy that supports long-term growth. Adaptation efforts alone could potentially enhance GDP by at least 2% by 2030 and significantly reduce poverty levels.
**Interviewer**: You mentioned the role of the private sector in financing climate action. What can businesses do to contribute?
**Keiko Miwa**: The private sector is crucial. We anticipate that 40% of the investment needed for climate action should come from private sources. Businesses can integrate climate resilience into their operations, and there are opportunities for regulatory support, financial products like low-interest loans, and incentives that can facilitate this.
**Interviewer**: Thank you, Keiko, for outlining the urgent need for climate action in Senegal and the potential economic benefits that can arise from it.
**Keiko Miwa**: Thank you for shining a light on this critical issue. Together, we can forge a sustainable future for Senegal.
