Unlocking Climate Finance in Africa: The Role of African Multilateral Development Banks
The Gravitas Review of Business & Property Law Vol. 11 No. 11, 1st Quarter 2020
Posted: 19 May 2020
Date Written: March 2020
Abstract
Climate change and its adverse effects on vulnerable communities are undermining global development. Developing countries, especially those in Africa, with their near-total dependence on agriculture, are the most affected (despite their minimal contribution to global emissions). Effective climate action requires huge amounts of financial resources, both for climate mitigation and adaptation in affected communities. However, climate finance flows fall short of estimated need. For example, Sub-Saharan Africa reportedly need about US$377 billion and US$222 billion for climate adaptation and mitigation investments respectively, but total available financing is far from this target. This paper considers climate finance, with emphasis on Africa, and examines the role of the continent’s multilateral development banks in unlocking climate finance for the continent.
Keywords: Climate Finance, Climate Adaptation and Mitigation, Global Development, Development Banks, Africa
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