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Africa expected to be $2.5 trillion short for climate finance, says UN
Solar panels are seen during the inauguration ceremony of the solar energy power plant in Zaktubi, near Ouagadougou, Burkina Faso, November 29, 2017. REUTERS/Ludovic Marin/Pool/File Photo
“Africa faces a $2.5 trillion deficit in climate change finance by 2030,” stated a U.N. official on Monday, noting the continent’s minimal contribution to greenhouse gas emissions despite enduring severe impacts.
According to United Nations Economic Commission for Africa chief economist Hanan Morsy, speaking at a conference in Victoria Falls, Zimbabwe, Africa receives a mere 2% of global investments in clean energy but requires $2.8 trillion in sectoral investment by 2030. Morsy cautioned against the repercussions of inadequate funding, warning of a detrimental cycle where investment shortfalls increase exposure risk and worsen impacts, further diminishing fiscal capacity and raising finance costs.
Despite Africa’s comparatively low emissions, Morsy highlighted that climate change exacts a significant toll, costing African countries 5% of gross domestic product (GDP) annually. She noted that on average, each African emitted 1.04 tonnes of carbon dioxide in 2021, less than a quarter of the global average, as indicated by a joint U.N.-African Union report.
The report also revealed that Africa experienced a faster rate of warming, with a 0.3-degree Celsius increase per decade between 1991 and 2022, compared to the global average of 0.2 degrees Celsius.
Morsy further emphasized the challenge posed by heavy public debt in African countries, where interest rates are 1.7 percentage points higher than elsewhere, leading to a prioritization of debt servicing over climate action.
At the UNECA conference, there were widespread calls for reform of the global financial system. UNECA Executive Secretary Claver Gatete stressed the detrimental impact of subjective credit ratings on Africa, citing estimates from the UN Development Programme indicating potential losses of up to $74.5 billion.
