By Nneka Nwogwugwu
Climate Policy Initiative (CPI), a Francisco-based research group has released a new report that Africa needs $277 billion yearly to implement its Nationally Determined Contributions (NDCs) if it must meet its 2030 climate goals.
It also stated that only 10 countries in Africa account for more than 50 per cent of climate finance in the region.
CPI said this in its recent study, which was obtained on Wednesday, September 21, 2022, in Benin City, Edo State.
The group is an independent non-profit research group and international climate policy organisation based in San Francisco, California.
CPI is supported primarily by philanthropic organisations and government development finance.
The research body identified these countries to include Egypt, Morocco, Kenya, Ethiopia and South Africa.
The report noted, however, that the total annual climate finance flows of $30 billion in Africa for the 2020 study, was abysmally low.
Climate mitigation, it said, accounted for 49 per cent of the finance flows which represented $14.6 billion, followed by 39 per cent, representing $11.4 billion towards adaptation, and 12 per cent, $3.5 billion dual benefits.
“This is a positive trend, given Africa’s disproportionately high vulnerability to climate change.
“Yet funding for both adaptation and mitigation must still increase by at least six and 13 times, respectively.
“There is huge potential to translate Africa’s sustainable energy needs into investment opportunities and reduce investments in fossil fuels.
“Africa will need around $133 billion annually in clean energy investment to meet its energy and climate goals between 2026–2030,” the study showed.
It also regretted that annual investment in renewable energy, which is arguably the most attractive sector for commercial investors, stood at a mere $9.4 billion.
