$213.4b needed annually for Africa’s climate finance – AfDB

By Aya El Sayed On Aug 4, 2024

L-R: Mr. Joseph Ng’ang’a, CEO of the Africa Climate Summit, Hon. Bock Kalokh, Minister of Finance for Sierra Leone, Hon. Amos Lugoloobi, Minister of State for Planning, and Prof. Anthony Nyong, Director for Climate Change and Green Growth at the African Development Bank, pose for a photo at the end of the panel session.

$213.4 billion annually is required from private sources to bridge Africa’s climate financing gap by 2030, stated Anthony Nyong, the African Development Bank’s (AfDB) Director of the Climate Change and Green Growth Department.

At the “Sustainable Horizons: Climate Action Strategies for Ministries of Finance in Sub-Saharan Africa” conference in Kampala, Uganda, Nyong noted that the private sector contributed less than 3 per cent to adaptation activities in Africa from 2019 to 2022.

He emphasised the urgent need for greater private sector involvement in climate finance, citing high investment risks and poor credit ratings as major obstacles to private sector participation.

Attribution: The African Development Bank (AfDB)