Africa Needs USD 190 Billion Per Year To Meet Climate Finance Gap

by Business Watch Team

IFC and the Central Bank of Kenya today opened the inaugural Africa Climate Business Forum in Nairobi, Kenya.

The forum aims to provide concrete and innovative solutions to unlock the billions of dollars Africa needs for an inclusive transition to low-carbon and resilient economic growth.

As a follow-up to the Africa Climate Summit held in Nairobi in September, championed by H.E. President William Samoei Ruto and featuring leaders from across the continent, this two-day event focuses on five main themes: decarbonizing growth, carbon markets, green cities, climate-smart agriculture, and sustainable finance and capital markets.

The Forum brought together more than 300 government and business leaders to discuss how to meet Africa’s climate finance gap. Africa needs $190 billion per year between now and 2030 for mitigation – and another $50 billion per year between now and 2050, for adaptation.

Participants in the forum highlighted opportunities the new climate economy represents for Africa’s industrial growth and job market – exceedingly important on a continent where the population is expected to double by 2050 to 2 billion people.

Yet, with 43 percent of the content still living without access to electricity, innovative solutions that combine advancements in sustainable technologies and massive investment in adaptation are key.

In the last fiscal year ending June 30, 2023, IFC committed a record $14.4 billion in climate finance globally, mobilizing $6.8 billion of additional capital alongside its investment of $7.6 billion to help client countries address the climate crisis. IFC’s climate commitments in Africa included $1.51 billion in own-account investments and a further $1.18 billion in mobilization.

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