Researchers Call for Holistic Finance Allocation For African Countries

By Faridat Salifu

A groundbreaking analysis conducted by researchers and Lead author, Queensley Chukwudum, a financial mathematician from the University of Uyo in Nigeria, says that negotiators at COP28 Climate Change Conference, in Dubai needed to be aware of such disparities “to ultimately ensure climate justice, equity and fairness in the system and for Africa.

The findings, according to co-author Saralees Nadarajah of the University of Manchester in the United Kingdom, may support the advocacy of policy changes and more inclusive, diversified, region-specific, and comprehensive methods to financing distribution to all African subregions. Depending on the unique problems faced by the region, adequate support is required for both mitigation and adaptation measures.

Shedding light on the disparities in climate finance allocation across sub-Saharan Africa, has ignited discussions on the urgent need for an inclusive, diverse, and region-specific approach to climate funding.

The comprehensive study, revealing stark variations in funding distribution between African subregions, calls for transformative policy changes to ensure climate justice, equity, and overall fairness for the continent.

An exclusive close-up on the meticulously gathered data has uncovered that between 2003 and February 2020, 693 climate-related projects received a total funding of $4,771.75 million from 20 multilateral funds, primarily aimed at addressing climate change challenges in 48 African countries.

Notably, the majority of support was channeled into adaptation efforts, amassing $2,126.80 million, with West Africa emerging as the primary recipient, followed by East and Southern Africa. In contrast, the conflict-ridden Central Africa, deemed one of the continent’s most sensitive regions, received significantly fewer allocations, underscoring the pressing need for more nuanced and targeted funding in tumultuous areas.

Furthermore, the research revealed that a substantial portion of the funding primarily concentrated on adaptation and mitigation efforts within the energy and agricultural sectors.

The imbalance in funding allocation became evident as it primarily favored general mitigation endeavors rooted in agricultural and environmental activities, somewhat neglecting other vital sectors such as water and sanitation. This imbalance has raised concerns among experts, advocating for a more diversified approach to climate finance to address the unique challenges faced by each subregion.

Chukwudum, emphasized the pressing need for a more inclusive and holistic approach to finance allocation, recognizing the significance of addressing the distinct challenges faced by different regions across Africa. With the call for more equitable and diversified climate finance, the study asserts that tackling the existing disparities could effectively bolster Africa’s resilience amidst the escalating impacts of climate change.

This exclusive report provides a compelling insight into the critical issue of climate funding inequity, showcasing the imperative of charting a new course towards more comprehensive and region-specific finance allocations.

As the discourse gains momentum, the findings of this in-depth analysis serve as a driving force to advocate for policy changes that prioritize fair distribution of climate funds, ultimately propelling Africa towards a more resilient and sustainable future.