Africa: Africa Gets Only 23% of the Climate Finance It Needs - and Pays Too Much for It
[The Conversation Africa] African countries have committed themselves to cutting greenhouse gas emissions and protecting their people from the worsening effects of climate change. These commitments form part of the Paris Agreement, an international climate treaty adopted in 2015 in which countries agreed to take steps to limit global warming.
African nations have pledged to reduce greenhouse gas emissions and shield citizens from climate change's worsening impacts, as part of the 2015 Paris Agreement. However, the climate finance going to Africa is significantly insufficient. In 2021 and 2022, the continent received an average of US$43.7 billion annually, which is merely around 23% of the required amount.
Ideally, Africa would need roughly four dollars for every dollar it currently receives. The distribution of funds is also inequitable, with the ten most climate-vulnerable African countries receiving only 11% of the total climate finance, while another ten nations capture 76% of private climate investment. While Africa is committed to the Paris Agreement, the global financial system is pricing many countries out of implementing it.
Investment targets and promises have been regularly announced, yet actual money delivery remains a persistent challenge.
Written by urgent.news from AllAfrica's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
