As COP27 Looms, Africa Receives a 10th of Climate Financing It Needs
- Climate Policy Initiative says annual needs are $277 billion
- Over half of investment goes to 10 of the 54 African nations
A displacement camp for people impacted by drought in Baidoa, Somalia. Africa will be among the hardest hit by global warming.
Photographer: Ed Ram/Getty Images
As the international climate community prepares to descend on Sharm el-Sheikh in Egypt, new analysis shows just how far off their host continent is in terms of attracting the finance it needs to adapt to catastrophic global warming, build renewable energy plants and enhance its carbon-absorbing ecosystems.
At $30 billion, annual climate finance flows in Africa are just 11% of the $277 billion needed, according to research published Wednesday by the Climate Policy Initiative, a US-based nonprofit. The research was commissioned by FSD Africa, an organization funded by the UK government, the Children’s Investment Fund Foundation, a charity set up by billionaire hedge fund activist Christopher Hohn, and UK Aid. It’s the first to map climate finance flows in Africa by region, sector and source, and captures available data for 2019 and 2020.