guest
- Albert MuchangaCommissioner for Trade and Industry of the African Union.
- Antsetse WareSenior Economist at FSD Kenya.
- amadou hotSpecial Envoy of the President of the African Development Bank for the African Green Infrastructure Alliance.
- Eva KrachtDirector-General for International and European Policy at the German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection.
chairman
- theodore murphyDirector of Africa Program, European Council on Foreign Relations
The lack of affordable financing for climate change projects in Africa is a key barrier to the continent achieving its adaptation and mitigation goals. It is estimated that African countries will need $2.5 trillion in external financing between 2020 and 2030 to meet their committed contributions under the Paris Agreement. Current funding streams fall far short of this goal, with available funding estimated at only 12% of the needed funding.
COP29's focus on climate finance provides an opportunity for European policymakers to make significant progress in this area. Nevertheless, current policy discussions overestimate the amount of resources available and overlook the complexities of implementing important policies.
European policymakers need to grapple with an inconvenient truth. Political and financial capital is limited, and policymakers need to prioritize where to channel these resources. The technically, politically and legally complex nature of many policies in climate finance makes implementing proposed solutions a difficult task. But until now, Europeans have spread these resources too thinly across a series of policy proposals. This means that Europeans and other actors are struggling to make breakthroughs in various fields. More emphasis is needed to address the funding gap.
Narrowing the focus also means European and G20 policymakers need to prioritize. But in choosing what to prioritize, Europeans should rely on the expertise of African voices. Not only are Africans best able to identify the needs of African countries regarding climate finance, they are also a source of technical expertise. Institutions such as the African Union and the African Development Bank have led financial innovations such as the use of hybrid capital.
This event is part of the Berlin Global Solutions Summit. If you would like to attend the event in person, please contact the organizers of the Berlin Global Solutions Summit.
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