New York, September 20, 2022 – Climate financing will play an important role in unlocking Africa’s potential to combat climate change. It is estimated that Africa requires about 2.5 trillion dollars of climate finance between 2020 and 2030 averaging about 250 billion dollars each year. However, the total annual climate finance flows in Africa for 2020 were only 30 billion dollars, which is just about 12 percent of the amount needed. 

On the margins of the 77th United Nations General Assembly in New York, the African Union Development Agency-NEPAD convened a high-level event on Climate Finance to Address Global Challenges on Climate Change, Land Degradation and Biodiversity Loss.

“The continent’s development agency, the African Union Development Agency-NEPAD, is leading efforts at continental and national levels by implementing a range of programmes to combat climate change, desertification, and biodiversity loss,” said Ms Nardos Bekele-Thomas, the AUDA-NEPAD Chief Executive Officer.

“African Ministers have agreed to speak with one voice at the upcoming COP27 on closing the financing gap, as the Continent’s efforts need to be supported as per global commitments made,” Dr Mohammed Hassan Abdullahi the Minister of Environment Nigeria remarked.

The Minister also stated that Nigeria has introduced Green Bonds, focussing on green products and jobs and pointed out that Africa must make concerted efforts to boost domestic resource mobilisation for sustainable climate financing.

Dr Andrew Steer, Chief Executive Officer of the Bezos Earth Fund highlighted the positive strides that Africa is taking towards climate resilience, in pointing out that, “Africa is the continent that is showing the most ingenuity and innovativeness in climate change. Africa is the continent with the greatest opportunity for restoration.”

Director at the Global Restoration Initiative, Mr Sean DeWitt, lauded the Initiative’s collaboration with AUDA-NEPAD, for the remarkable work of Africa’s flagship programme for Landscape Restoration, the Africa Forest Restoration Initiative (AFR100). AFR100 has made good progress towards its goal of bringing 100 million hectares of degraded forest landscape into restoration by 2030.

“There is great synergy between Energize Africa, the initiative launched by AUDA-NEPAD and the Land Accelerator initiative, with potential to scale up land restoration projects among youth and local populations,” added Mr DeWitt. He agreed with Mr Kwame Ababio, AUDA-NEPAD’s Senior Programme Office on Environment, who reiterated that energizing African youth in the area of sustainable environment management remains imperative.

Hon. Princess Gloria Akobundu, CEO of AUDA-NEPAD Nigeria emphasised that, “No one can deny the topicality of climate change. It deserves the highest priority in the current global environment. For the most vulnerable countries and populations, we need to act decisively on climate change.”

“AUDA-NEPAD is well-positioned to play a pivotal role in mobilising significant resources from various sources, at the magnitude that would match the needs for achieving sustainable development, in Africa,” said Mr Amine Idriss Adoum (AUDA-NEPAD Director, Programme Delivery and Coordination), who gave the closing remarks at the event.

Africa needs more funding to adapt to and mitigate the impacts of climate change, such as investments in water storage and climate-resistant crops, or improved construction to withstand more extreme weather events. There are also significant opportunities in Africa’s energy sector through an abundance of renewable energy resources including solar, geothermal and wind power.