According to the recent Climate Policy report published last June, the African continent must mobilize an average of 250 million dollars per year between 2020 and 2030 to deal with climate change.
The study states that “the overall cost of implementing Nationally Determined Contributions (NDCs) which represent the efforts to be made by each country to reduce its national emissions and adapt to the effects of climate change as defined by the Paris Climate Agreement, is estimated at 2.8 trillion dollars between 2020 and 2030”.
To raise this sum, African states “have pledged to mobilize 264 billion dollars of national public resources”, or about 10% of the overall climate financing 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”, specifies the report.
Climate Policy Initiative specifies that the needs for climate financing are not the same for the countries of the continent. For example, “South Africa, Ethiopia, Nigeria and Egypt have the highest needs, which amount to almost $151 billion per year”.
The report also underlines that “global flows of domestic and international climate finance to Africa only reached $30 billion in 2020, or about 12% of the amount needed”.