The World Bank has warned that Cabo Verde must urgently adapt to climate change to avoid a potential GDP contraction of 3.6% by 2050. The tourism sector is particularly vulnerable, with suggestions to diversify tourism offerings. A budget of $140 million annually is needed for climate resilience, with calls for innovative funding mechanisms.
The World Bank has alerted that Cabo Verde must urgently adapt to climate change to prevent a projected 3.6 percent contraction in its GDP by 2050. The warning was delivered by Indira Campos, the World Bank representative in Cabo Verde, during the presentation of the country’s Climate and Development Report (CCDR) in Praia. The report forecasts a potential rise in poverty, affecting one in five residents due to climate-related challenges, primarily in the tourism sector.
Cabo Verde is currently facing significant climate risks including cyclical droughts, desertification, and extreme rainfall that lead to flash floods. These environmental issues threaten coastal regions, thereby jeopardizing the tourism sector, which is the foundation of the nation’s economy. The CCDR suggests a shift from traditional tourism to more sustainable options that can withstand climate fluctuations, such as ecotourism and nautical tourism. Moreover, it emphasizes the need for investment in renewable energies and smart agricultural practices to build climate resilience.
To safeguard its future, Cabo Verde requires approximately $140 million annually to mitigate climate impacts and bolster development. The government is taking steps toward addressing this challenge, including legislative initiatives aimed at enhancing the regulatory framework for climate action. Efforts are being made to attract private investment and establish new funding mechanisms to tackle climate change effectively, ensuring the country’s economic stability.
Original Source: clubofmozambique.com
