The World Bank has urged Cabo Verde to take urgent action against climate change to prevent a 3.6% loss in GDP by 2050. The tourism sector could suffer significant revenue losses, leading to increased poverty. The report recommends diversifying tourism and investing in renewable energy and sustainable practices, highlighting the need for $140 million annually over the next decade to address climate challenges.
The World Bank issued a critical report indicating that Cabo Verde must prioritize climate adaptation strategies to avert a projected 3.6% contraction in its GDP by 2050. Indira Campos, the World Bank representative, highlighted that failing to adapt will leave one in five residents vulnerable to climate impacts, especially within the tourism sector, which may see a 10% revenue decline.
The report calls for a shift in the tourism model from the current sun-and-sea approach towards more sustainable options, including ecotourism and cultural tourism, to reduce exposure to climate risks. Additional climate threats facing the nation include prolonged droughts, severe rainfall events, and rising sea levels, which threaten coastal ecosystems and the tourism industry.
Cabo Verde’s government must invest approximately $140 million annually, equivalent to 6% of its GDP, over the next decade to address climate challenges effectively. Innovative funding partnerships and a business-friendly environment are critical for attracting private investment in renewable energy and climate-resilient agriculture.
Minister of Agriculture Gilberto Silva announced upcoming legislation aimed at establishing a regulatory framework for climate initiatives, emphasizing the need for increased funding. The World Bank’s Climate and Development Report (CCDR) aims to engage various stakeholders in setting forth impactful climate policies.
In 2023, Portugal pledged €12 million to support renewable energy projects in Cabo Verde, while the International Monetary Fund provided $31.7 million in funding to bolster resilience against climate change. Prime Minister Ulisses Correia e Silva advocates for new funding mechanisms that better serve small island states, promoting a Multidimensional Vulnerability Index to improve access to essential resources.
Cabo Verde is facing adverse effects from climate change, necessitating immediate action to protect its economy and population. With projections indicating shrinking GDP and increased poverty due to climate vulnerabilities, the urgency for adaptation measures is paramount. The tourism sector, key to the archipelago’s economy, is particularly at risk from climate-related challenges such as droughts and sea-level rise, prompting calls for diversified tourism and infrastructure investment.
The World Bank’s alarming warning underscores the urgent need for Cabo Verde to implement climate resilience strategies to prevent economic decline and increased poverty. By transitioning to sustainable tourism and investing in renewable energy, the nation can seek to mitigate these climate risks effectively. Legislative support and international partnerships will play significant roles in securing the necessary funding and establishing a robust framework for climate action.
Original Source: clubofmozambique.com
