Climate finance has recently become a subject of profound interest to the global debates on climate change. At this year’s 17th UNFCCC Conference of the Parties (COP) in Durban, climate finance is expected to feature prominently. This being the “African COP”, we hope that the African perspective on climate finance will receive the attention it deserves.
While Africa has contributed the least to historic greenhouse gas emissions globally, it stands to be the hardest hit by the effects of climate change.
Climate change will affect many parts of the continent causing drastic reduction in agricultural productivity while exposing its people to water stress, droughts, floods and localised outbreaks of vector-borne diseases. Addressing climate change is therefore an urgent issue and Africa will require substantial financial resources in order to adapt to the unavoidable consequences of climate change.
However, the current models of financing do not match Africa’s climate change priorities. With approximately 80 percent of all climate finance directed to mitigation, adaptation, which is a priority for Africa, remains grossly underfunded.
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