• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy

EU announces €1 billion for climate adaptation in Africa targeted at floods, droughts and other impacts

1 billion euros initiative is a starting point

Omono Okonkwo by Omono Okonkwo
November 17, 2022
in Economy
EU announces €1 billion for climate adaptation in Africa targeted at floods, droughts and other impacts
Share on FacebookShare on TwitterShare on Linkedin

The European Union has announced €1 billion in support of climate adaptation in Africa.

This is according to a statement from Frans Timmermans, the executive vice president of the European Commission. During his speech at COP 27 on November 16, he laid emphasis on the event being an African COP and an adaptation COP. Timmermans said:

  • “Africa has contributed least to where we are today. Yet many of the countries on this continent are among the most vulnerable to climate change and are suffering more than many other places. So, we need to step up our game for adaptation in Africa.
  • “That is why I am happy to announce at this event that together the European Union and four member states, France, Germany, the Netherlands, and Denmark, will provide over 1 billion euros to support adaptation in Africa. This 1 billion euros initiative is a starting point. Other member states can join and we also encourage development banks to join.”

In a November 9 Washington Post op-ed, President Muhammadu Buhari wrote that Africa urgently needs investment in adaptation infrastructure — such as flood prevention systems — to stave off the disasters that destroy communities and cripple economies.

RelatedStories

Trump halts tariff hikes on most trade partners, raises China duties to 125% 

Trump pushes back against Europe’s new AI rules as trade tensions rise 

April 25, 2025
EU launches probe into Universal Music’s $775million Downtown acquisition 

EU launches probe into Universal Music’s $775million Downtown acquisition 

April 25, 2025

In his speech, Timmermans identified four things the €1 billion initiative will do:

  • Collection and analysis of climate risk data
  • Reinforcements of early warning systems, both at regional and national levels.
  • The development of multi and single-country proposals to mobilize international climate finance, including from the private sector. This is to achieve the trillions needed for climate adaptation in Africa.
  • Strengthening climate and disaster risk finance and insurance mechanisms to protect vulnerable populations against climate hazards.

Loss and damage: While addressing attendees, Timmermans also spoke about support for loss and damage, which is one of the frontier discussion points at COP 27. He said the European Union will also give €60 million to address loss and damage in Africa. Timmermans added:

  • “The EU will not stop there. The climate finance target for our main global budgetary program has been raised to 35%. And we intend to raise further investments for clean, secure, and climate-resilient infrastructure. That includes the Great Green Wall, the EU African Union transboundary water management initiative, and strategic corridors to name a few.”

Why this matters: In his speech, Frans Timmermans highlighted the fact that Africa has seen huge impacts of climate change, despite not being responsible for the current level of CO2 emissions in the atmosphere. He said:

  • “Every day we are reminded about the grave impacts of the climate crisis. You know Africa has seen incredible droughts and incredible floods. East Africa is now suffering from a terrible drought. You’ve had locust infestations; you’ve had coastal degradation at levels that are incredible. You see desertification causing levels of migration that are causing tensions in other countries. I mean, it is clear this is a challenge Africa can’t face alone.”

The Nigerian context: In 2022, Nigeria experienced floods across 34 states. These floods have affected households, businesses, farmlands (569,000 hectares damaged), as well as oil and gas facilities (in oil and gas producing states). 3.2 million people have been affected by flooding and over 1.4 million people have been displaced with over 600 deaths, across states. This is according to statistics from the United Nations Office for the Coordination of Humanitarian Affairs.

Climate adaptation refers to actions that reduce the negative impact of climate change while taking advantage of potential new opportunities. It involves adjusting policies and actions because of observed or expected changes in climate.


Follow us for Breaking News and Market Intelligence.
Tags: European UnionFrans Timmermans
Omono Okonkwo

Omono Okonkwo

Omono Okonkwo is an accomplished Mass Communicator, with a remarkable track record spanning over a decade across various dimensions of the field. Her proficiency encompasses Print, Digital, and Broadcast Journalism, Copywriting, Research and Writing, Podcasting, Public Speaking, as well as a comprehensive grasp of Energy Markets. Her engagement in energy market coverage commenced officially in 2016, as she assumed the role of a country correspondent (Nigeria) with Natural Gas World, a subsidiary of Minoils Media based in Vancouver, Canada. Since then, Omono Okonkwo has consistently demonstrated excellence and left an indelible mark on the ever-evolving energy sector.

Related Posts

Trump halts tariff hikes on most trade partners, raises China duties to 125% 
Sectors

Trump pushes back against Europe’s new AI rules as trade tensions rise 

April 25, 2025
EU launches probe into Universal Music’s $775million Downtown acquisition 
Business News

EU launches probe into Universal Music’s $775million Downtown acquisition 

April 25, 2025
EU faces widening skilled labor shortage, looks to recruit foreign workers
Sectors

EU fines Apple and Meta €700 million for breaking big tech rules 

April 23, 2025
Finance Minister, EU Ambassador discuss €1.3 billion investments, economic reforms in Nigeria 
Economy

Finance Minister, EU Ambassador discuss €1.3 billion investments, economic reforms in Nigeria 

March 27, 2025
EU donates €46 million to strengthen social protection in Nigeria
Economy

EU donates €46 million to strengthen social protection in Nigeria

March 14, 2025
EU retaliates with fresh tariffs on U.S. goods amid escalating trade war
Economy

EU retaliates with fresh tariffs on U.S. goods amid escalating trade war

March 12, 2025
Next Post
International Breweries Plc appoints Carlos Coutino as Managing Director

International Breweries Plc appoints Carlos Coutino as Managing Director

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
first bank
Zenth Bank









DUNS

Recent News

  • How Nigeria Can Survive $30 Crude Oil Price — Drinks & Mics Panel Weighs In
  • UN warns over 52 million in West, Central Africa could face hunger between June and August 
  • Nigeria records 119,000 data breaches in Q1 2025, ranks 34th globally –Report 

Follow us on social media:

Recent News

How Nigeria Can Survive $30 Crude Oil Price — Drinks & Mics Panel Weighs In

How Nigeria Can Survive $30 Crude Oil Price — Drinks & Mics Panel Weighs In

May 10, 2025
FG to begin ‘Cadre Harmonisé’ analysis to address food insecurity in Nigeria 

UN warns over 52 million in West, Central Africa could face hunger between June and August 

May 10, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics