Experts Seek to Mobilize Climate Finance for Africa
The two-day forum of the Africa Green Climate Finance National Designated Authorities Network (AFDAN) and Building Climate Resilience of the Urban Poor brought together senior government officials and climate experts from 20 African countries to build the capacity of the continent to increase capital inflows of green finance.
John Mbadi, Kenyan cabinet secretary for treasury and economic planning, said that Africa receives less than 4 percent of global climate finance due to its inability to access international, bilateral, and multilateral climate funds.
"Africa needs the political will and regulatory efforts that will allow the region to mobilize climate and green finance at scale, promoting cross-country learning, and creating a tangible co-commitment for green growth," Mbadi added.
He noted that the combined impacts of floods and droughts cost Kenya at least 5 percent of gross domestic product annually.
Peter Odhengo, coordinator of AFDAN, said that Africa needs to develop and amplify models appropriate for scaling up climate finance access on the continent.
Odhengo said that Africa's limited climate finance flows have emanated from inadequate technical capacity to develop bankable proposals as well as complex, rigorous climate finance access requirements and procedures.
Aden Duale, Kenyan cabinet secretary for environment, climate change, and forestry, said that the country has achieved significant milestones in climate finance by putting in place the relevant legal and institutional frameworks, including the Climate Change Act 2016, National Climate Finance Policy, Sovereign Green Bond Framework, and National Green Fiscal Incentive Policy Framework.
Duale noted that Africa can also achieve increased, predictable, and sustainable climate finance for climate change adaptation and mitigation by strengthening South-South and North-South cooperation and promoting Africa-led solutions for climate change.
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