T here 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.

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.