• Wednesday, February 12, 2025
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The climate money gap: How the world is failing Africa’s future

The climate money gap: How the world is failing Africa’s future

As the world grapples with the increasingly visible impacts of climate change, Africa, more than any other region, is bearing the brunt of its devastating effects. Yet, despite repeated pledges from wealthy nations, the climate finance promised to support Africa’s climate action efforts continues to fall short.

In 2009, at the United Nations Climate Change Conference in Copenhagen, developed nations made a commitment to mobilize $100 billion annually by 2020 to support climate action in developing countries.

But it wasn’t until 2022—three years behind schedule—that this target was met, with a total of $115.9 billion mobilized, according to data from the Organisation for Economic Co-operation and Development (OECD). This delay, however, masks a deeper issue: this amount remains inadequate to address the scale of the challenges Africa faces.

Read also: Tinubu calls for global financial support to tackle climate change

The gap between the promised and required financial support for Africa is staggering. Between 2019 and 2020, the continent received an average of just $29.5 billion in climate finance, with a mere $11.4 billion allocated for adaptation.

This stands in sharp contrast to the estimated $580 billion Africa needs to adapt to climate change between 2020 and 2030, according to a 2023 report by Brookings. Even more concerning is the fact that Africa’s Nationally Determined Contributions (NDCs)—the continent’s self-identified climate action targets—call for an eye-watering $2.8 trillion between 2020 and 2030. This is more than 93 percent of Africa’s total GDP, as reported by the UNDP.

This shortfall in funding is not just a matter of numbers—it is a question of survival. Africa’s vulnerability to climate change is a daily reality. From the Sahel’s worsening droughts to the coastal devastation of rising sea levels, the continent is on the frontlines of a climate crisis that is being driven by the industrial emissions of the world’s richest nations.

It is unconscionable that these same nations are failing to deliver on their financial commitments, which are necessary for Africa to adapt to and mitigate the impacts of this crisis.

But it’s not just about the money. Even when Africa does receive funding, the challenges don’t end there. The continent’s institutional capacity to manage large-scale climate adaptation projects remains insufficient.

 “The continent’s institutional capacity to manage large-scale climate adaptation projects remains insufficient.”

There are often gaps in governance, infrastructure, and the technical expertise required to ensure that funds are effectively deployed for maximum impact. Without a robust framework to manage these resources, the potential of the climate finance that is available remains unfulfilled.

Moreover, there are no signs of the pledges being meaningfully expanded to meet the urgent needs of developing countries. The overwhelming climate financing gap—further exacerbated by the pandemic and the global economic slowdown—poses a significant threat not just to Africa’s future, but to the global climate system as a whole. A failure to invest now will only cost more in the future.

The time for political posturing and vague promises is over. Wealthy nations must act on their pledges to support Africa’s climate resilience and adaptation efforts. This includes not only honoring the $100 billion pledge but also increasing the scale of financial support in line with Africa’s true needs. Climate finance must be predictable, transparent, and accessible to ensure it reaches the communities and projects that need it most.

Read also: Climate change and the scramble for survival

The consequences of inaction are clear. Without immediate, sustained, and equitable climate finance, Africa will continue to face the devastating effects of climate change—effects that will, in turn, have far-reaching implications for the global economy and climate stability.

It is time for the world’s wealthiest nations to put their money where their promises are. The climate crisis is a global issue, and it will take global cooperation to address it. Africa’s future depends on it—and so does the planets.

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