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PRESS RELEASENovember 24, 2023

Côte d’Ivoire to Benefit from Climate Finance as Key Growth Sectors Threatened by Climate Change: World Bank Report

ABIDJAN, November 24, 2023 — After more than a decade of growth, key economic sectors, cocoa and energy, are at risk of underperforming if urgent measures to tackle climate change are not taken, according to the new Country Climate and Development Report (CCDR) for Côte d'Ivoire discussed today at the council of ministers.

Côte d’Ivoire now stands at a crossroads to meet its development ambitions. Climate change is already taking a toll on Côte d'Ivoire with rising temperatures, unpredictable weather patterns, and sea-level rise posing significant threats. The degradation of coastal areas, flooding, and pollution are affecting the livelihoods of millions of Ivorians. About 80% of Ivorian companies surveyed mentioned already feeling the effects of climate change through impact on revenues, costs, and investments.

"The CCDR for Côte d'Ivoire is a wake-up call for the nation. Authorities must take immediate and decisive action to address climate change while fostering sustainable development. The choices to make today will determine the future of the country and the well-being of all Ivorians, including the most vulnerable", says Marie-Chantal Uwanyiligira, World Bank Country Director for Côte d'Ivoire, Benin, Guinea, and Togo.

The report outlines opportunities for climate actions and growth and highlights that climate impacts could reduce real GDP by up to 13% by 2050 and 1.63 million people would be prevented from escaping poverty. The report estimates the cost of climate action at $22 billion or an annual average cost of about 2% of GDP.

Uncontrolled urban expansion is placing cities at risk from flooding and landslides, rising sea levels, coastal erosion, and more extreme heatwaves. It is also affecting economic productivity. The authors note the importance of strengthening the resilience of infrastructure, such as roads and digital networks, which will be essential for market access and service delivery.

Côte d’Ivoire’s efforts to tackle deforestation and reform its cocoa value chain could be scaled up. The West African country will be among the first countries in the region to benefit from climate finance through the Emissions Reduction Program (REDD+) as it succeeded in reducing emissions from deforestation and forest degradation around the Taï National Park, which remains the only intact dense forest in the country.

Calling for urgent action, the report highlights that business-as-usual is no longer an option for sustaining Côte d'Ivoire's economic growth and achieving its goal of becoming an upper-middle-income country by 2030. It underscores the need to reform regulatory, institutional, and climate-related foundations to manage climate impacts effectively, and the importance of mobilizing the private sector to play a more significant role in climate adaptation and mitigation efforts.

The CCDR for Côte d'Ivoire will be presented by the government at the COP 28 in Dubai, underscores the imperative of addressing climate change and promoting sustainable development in the country.



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