Currently, only $52 billion of climate finance flows to Africa on an annual basis – representing less than 20% of its needs. In order to implement countries current NDCs, the total investment need is estimated to be $2.8 trillion, indicating Africa’s climate finance flows must more than quadruple every year.
Whilst private sector financing has doubled in recent years, it still represents only 18% of total flows, lower than any other region globally. A key opportunity to bridge the gap is through ramping up the participation in international carbon markets.
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