Unlocking Progress: Africa Needs Nearly $3 Trillion for Climate Goals
Africa's journey towards achieving these ambitious goals relies on the support of developed nations and private-sector engagement.
Nairobi, Kenya — Africa faces a substantial financial challenge in implementing its National Determined Contributions (NDCs) to combat climate change, with an estimated requirement of nearly $3 trillion, according to discussions at the eleventh Conference on Climate Change and African Development (CCDA11), writes Baboloki Semele.
The financial gap was a central topic during a session on climate finance moderated by Harsen Nyambe of the African Union Commission.
Despite climate disasters costing the continent between 5% and 15% of GDP annually, the United Nations Economic Commission for Africa (ECA) revealed that fulfilling Africa's NDCs would demand approximately $3 trillion, with around $2.5 trillion needed between 2020 and 2030.
Africa's journey towards achieving these ambitious goals relies on the support of developed nations and private-sector engagement.
The continent possesses abundant renewable energy resources, potential for green hydrogen production, crucial minerals for renewable energy technologies, and natural assets for carbon sequestration.
Jean-Paul Adam of the Office of the Special Advisor on Africa (OSSA) highlighted the ECA's collaboration with member states in supporting the green transition. Initiatives like the Sustainable Debt Coalition (SDC) and emerging debt-for-nature swaps aim to bridge the financial gap.
Africa's rich marine ecosystem is also a focal point, with projects like the Great Blue Wall promoting sustainability and job creation.
Stephen Funso of the African Development Bank (AfDB) emphasised the priority of adaptation in Africa.
AfDB's strategy involves increasing resources for key sectors, strengthening mobilisation efforts within each country, and fostering innovative solutions to engage the private sector.
Nationally Determined Contributions (NDCs) lie at the core of the Paris Agreement, delineating each nation's specific climate action plans.
African nations have submitted ambitious NDCs reflecting their commitment to addressing climate change and limiting global warming to below 2 degrees Celsius.
These NDCs encompass a wide array of actions, including transitioning to clean energy, bolstering agricultural resilience, forest protection, and sustainable land management. They embody Africa's vision for a sustainable, climate-resilient future.
Key Areas Requiring Investment:
Renewable Energy: Africa aims to transition to cleaner energy sources, requiring substantial investments in solar, wind, and hydropower infrastructure.
Agriculture and Food Security: Investments in sustainable farming, drought-resistant crops, and improved irrigation systems are vital for agricultural resilience.
Natural Resource Management: Protecting and restoring ecosystems, such as forests and wetlands, is crucial for carbon sequestration and biodiversity conservation.
Climate-Resilient Infrastructure: Investment in flood defenses, water management, and disaster preparedness is imperative.
Technology Transfer and Capacity Building: Enhancing technological capabilities and knowledge sharing are essential for NDC implementation.
While the financial gap appears formidable, it also presents an opportunity. Africa possesses valuable natural assets, including renewable energy potential, fertile land, and a young and growing workforce.
Leveraging these assets and attracting climate finance can drive not only NDC attainment but also sustainable economic growth.
Multilateral organisations, development banks, and climate funds play pivotal roles in closing the funding gap. Innovative financing mechanisms like green bonds and climate-smart investments can facilitate funds flowing into critical projects.
International partnerships and cooperation are equally crucial. Collaborations with developed nations, technology transfers, and knowledge sharing can accelerate progress towards NDC implementation, ensuring Africa's path towards a climate-resilient future.