Africa is getting just 12% of the finance it needs to manage the impact of climate change, a report on Thursday said, raising pressure on rich nations to do more in the run up to global climate talks in November.
Around $250 billion is needed annually to help African countries move to greener technologies and adapt to the effects of climate change, yet funding in 2020 was just $29.5 billion, according to a report by the Climate Policy Initiative.
Wealthy countries have faced growing criticism for failing to meet a pledge made in 2009 to provide $100 billion annually to help poorer countries and the issue is likely to be central to discussions at the COP27 climate talks in Egypt.
Africa has about a fifth of the world’s population, but produces less than 3% of its carbon dioxide emissions, according to the International Energy Agency.
“Harnessing climate investment opportunities in Africa will require innovation in financing structures and strategic deployment of public capital to ‘crowd-in’ private investment at levels not yet seen,” the CPI report said.
It cited a lack of skills, infrastructure, data and financial markets depth, governance issues and currency risks as holding back climate investment to varying degrees in African countries.
