According to a group of scientists, the total cost of implementing Nationally Determined Contributions (NDCs) for climate action in African countries will be $2.8 trillion between 2020 and 2030. According to the Climate Policy Initiative , an advisory organization, countries rely on external funding. support for about $2.5 trillion of the cost.
African governments have committed $264 billion in domestic public resources, which is about 10% of the total cost. To meet the 2030 climate goals, Africa will need about $250 billion a year. Total annual climate finance flows to Africa for 2020, both domestic and international, were just $30 billion, according to the report.
In four of the five African sub-regions, mitigation accounts for the majority (66%) of reported climate finance needs. Individually, it represents 77% of total needs in West Africa, 75% in Southern Africa, 70% in Central Africa and 57% in East Africa.
The transport sector is expected to require the most climate finance (41%, $657 billion). Agriculture, forestry and other land use sectors, which emit the most greenhouse gases, represent only 7% of the total requirements ($108 billion).
They added that South Africa, Ethiopia, Nigeria and Egypt have the highest annual financing needs, totaling nearly $151 billion. According to the authors, the total cost projection includes loss and damage estimates for 51 of the 53 African countries.
According to the researchers, climate finance figures are likely underestimated due to a lack of capacity and data from subnational governments and vulnerable communities. According to a report published by GreenCape, a South African green energy advocacy organization, and the Bertha Center for Social Innovation and Entrepreneurship, an educational institution part of the University of Cape Town, in collaboration with CPI , a gap in data on climate finance making implementation of climate goals increasingly difficult in South Africa.
Despite the continent’s high vulnerability to climate change, adaptation to climate change accounted for only 24% of the total identified climate finance needs.
Adaptation needs were mostly reported for agriculture (25%), water (17%), infrastructure and construction (12%), disaster prevention and preparedness (10%) and health (10%) in countries that provided sectoral data (8 percent). Up to 10% of total climate finance has been allocated to double-win actions that include both mitigation and adaptation. North Africa is the only sub-region with an almost even distribution of adaptation and mitigation needs.
According to the report, the private sector has significant potential to meet Africa’s climate finance needs, but NDCs rarely do. However, according to the report, the majority of current climate finance in Africa comes from public actors (87%, $20 billion), with only a small amount coming from private actors.
The authors urged the United Nations Framework Convention on Climate Change (UNFCCC) to develop international guidance to help countries more comprehensively determine and estimate their needs. Needs can be determined at the national level through national investment plans linked to NDCs, as well as climate finance strategies linked to national policies.
First Published: July 04, 2022, 07:25 IST