There is a pressing need to accelerate finance for climate adaptation in Africa over the coming decade. The Nationally Determined Contributions of 40 African countries in 2021 cumulatively show a need for an estimated $331 billion in investment for adaptation through 2030, with about 20 per cent of this sum coming from their annual budgets. That would create an adaptation investment shortfall of approximately $265 billion through 2030, which needs to be met by international donors and domestic and international financiers.
The historic commitment was made in the Glasgow Climate Pact to double the level of adaptation finance by 2025, but this additional resource has to be accessible and structured to facilitate the investments to deliver on the ground for vulnerable communities in Africa and around the world. The Global Center on Adaptation’s recent report, Financial Innovation for Climate Adaptation in Africa, developed jointly with the Climate Policy Initiative (CPI), provides a detailed overview of the existing finance flows in Africa, highlighting that the continent’s most vulnerable countries have not received proportionally high volumes of adaptation finance. There are many potential sources of adaptation finance for Africa, offering finance on a range of terms from highly commercial to highly concessional.
Governments and stakeholders must mobilize different blends of these finances to ensure that adaptation efforts can be sustained. This session will draw on GCA’s State and Trends in Adaptation 2021 Report: Africa and finance reports for transforming Africa through adaptation finance. It will bring together climate finance experts from varied institutional backgrounds.
Chair: Prof. Anthony Nyong, GCA Senior Regional Director, Africa
Framing Speaker: Ms. Bella Tonkonogy, Director, Climate Policy Initiative
Dr. Nicola Ranger, CGFI, Deputy Director and Head of Sustainable Finance for Development, Oxford Sustainable Finance Group
Dr. Arame Tall, Senior Adaptation and Resilience Specialist, Climate Change Group, World Bank
Mr. Julius Ng’oma, National Coordinator, Civil Society Network on Climate Change (CISONECC)
Ms. Davinah Milenge-Uwella, Principal Programme Coordinator, African Development Bank Group
Mr. Jean-Paul Adam, Director for Climate Change, UNECA and GCF Nomination