According to the latest climate policy report released last June, the African continent needs to raise an average of $250 million a year to tackle climate change from 2020 to 2030.
The overall cost of implementing Nationally Determined Contributions (NDCs), which represent each country’s efforts to reduce its national emissions and adapt to the effects of climate change, as defined by the Paris Climate Agreement, is estimated. 2.8 trillion dollars between 2020 and 2030.
To raise this amount, African states have “committed to mobilize $264 billion in national public resources”, or 10% of overall climate finance needs over the aforementioned period.
“The remaining 2.500 billion, or 250 billion per year, should come from international public sources and national and international private actors”, the report states.
The Climate Policy Initiative notes that the needs for climate finance are not uniform across countries on the continent. For example, “South Africa, Ethiopia, Nigeria, and Egypt have the highest requirements, accounting for nearly $151 billion per year”.
“The global flow of domestic and international climate finance to Africa is only $30 billion in 2020, or 12% of what is needed,” the report underscored.