The Cabo Verde Country Climate and Development Report examines the nation’s vulnerability to climate change and economic instability. It highlights the reliance on tourism and imports, the impact of the COVID-19 pandemic, and the need for climate resilience and a green transition. The report outlines strategies for sustainable development while addressing infrastructural, social, and economic challenges.
Cabo Verde faces significant climate exposure exacerbated by its geographical characteristics and economic vulnerabilities. Despite notable economic growth beginning in the early 1990s and a marked reduction in poverty, the nation’s growth has been unstable and has decelerated recently. The tourism sector, leveraging Cabo Verde’s favorable natural geography, predominantly drives growth, contributing a quarter of its gross domestic product (GDP), over fifty percent of exports, and most foreign direct investment.
This report addresses the intersection of Cabo Verde’s climate resilience and economic development, analyzing how to enhance sustainability and adaptive capacity amid external vulnerabilities. The country relies heavily on imports for fuel and food, and external financing mechanisms, such as remittances and international aid, while vital, introduce additional risks. The pandemic sharply highlighted these vulnerabilities as a drastic drop in tourism revenues led to increased import costs, challenging the economic recovery in 2023.
This analysis underscores the urgent need for Cabo Verde to enhance its climate resilience while encouraging low-carbon development. Implementing the recommendations detailed in the report will assist in overcoming current economic vulnerabilities and progressing toward a sustainable future. Robust strategies focusing on key sectors like water-land management and the blue economy are crucial for economic regeneration and climate adaptation.
Original Source: reliefweb.int
