Africa has the lowest climate finance at $30bn or 11 per cent of what the continent needs, according to a study on the Landscape of Climate Finance in Africa.
The continent has only received $30bn from both domestic and international sources out of the $277bn required.
A breakdown revealed that mitigation accounted for 49 per cent ($14.6bn) of climate finance; followed by 39 per cent ($11.4bn) towards adaptation and 12 per cent ($3.5bn) for dual benefits.
This was disclosed in a study commissioned by the Financial Sector Deepening Africa, the Children’s Investment Fund Foundation and UK Aid.
The study is focused on mapping climate finance flows in Africa by region, sector and source, identifying entry points, financing gaps and opportunities for new investments.
The report suggests that the huge finance gap should form part of discussion at the Conference of the Parties COP27 which will be held in November 2022 in Egypt.
Africa’s drive towards net zero by 2060 will also be propelled by adequate climate finance, experts have said.
COP26 is focused on effectively tackling the global challenge of climate change.
The study said for Africa to meet its 2030 climate goals and implement the Nationally Determined Contribution (NDCs), climate finance on the continent must hit $277bn.
The Chief Executive Officer, Functional Specification Document Africa, Mark Napier who spoke on the report said that climate finance would be critical for enabling Africa to adapt to the growing impact of climate change.
Napier said, “Public and the much larger sums of private sources of financing remain critical components of climate finance for Africa.
“The Africa Landscape of Climate Finance, provides the first independent, comprehensive, and accurate analysis of the funding that is currently available to Africa.
“This data is crucial to set the context for negotiations at COP27 and our ability to measure global progress on climate finance.”
The Managing Director, Climate Policy Initiative, Barbara Buchner, noted that private sector financing in Africa remains low at 14 percent of the total climate finance.