climate finance - The African Mirror

Mar

2024

Africa to be $2.5 trillion short of climate finance by 2030, UN says

AFRICA will be $2.5 trillion short of the finance it needs to cope with climate change by 2030, a U.N. official said, adding that the continent has contributed the least to greenhouse gas emissions while seeing some of the worst impacts. Africa attracts only 2% of global investments in clean energy but needs $2.8 trillion of investment in the sector by 2030, United Nations Economic Commission for Africa chief economist Hanan Morsy told a conference in Victoria Falls, Zimbabwe, warning against the consequences of under-funding. "We end up in a vicious circle with investment shortfalls increasing exposure risk and worsening…

Dec

2023

By The African Mirror

COP28: South Africa pioneered plans to transition to renewable energy – what went wrong

ENVIRONMENT

SOUTH Africa’s experience in piloting a new type of climate finance vehicle can inform debates about how to fund a just transition from fossil fuels to renewable energy. Two years ago at COP26, South Africa piloted the first Just Energy Transition Partnership, where rich countries help developing countries move faster towards renewable energy. A year later, the South African government unveiled its Just Energy Transition Investment Plan. This set out how it intended to build on and use the partnership funds. ALEX LENFERNA, Postdoctoral Research Fellow, Nelson Mandela University. General Secretary, Climate Justice Coalition, Nelson Mandela University The plan detailed…

Dec

2023

By The African Mirror

Cities face huge climate finance gap, study says

AFRICITIES

CITIES are receiving only a fraction of the climate finance they need, especially in low-income countries, according to a study published on the sidelines of the COP28 climate talks. The Cities Climate Finance Leadership Alliance (CCFLA) said cities are on the front line of climate hazards and responsible for three-quarters of global emissions, but multilateral development banks (MDB) needed to adopt new strategies to address a gaping financing gap. Cities were receiving only 1% of the climate finance they required, which is estimated to be as high as $5.4 trillion per year up to 2030, according to the study, the…

Dec

2020

By The African Mirror

Pounded by pandemic ‘storm’, poor nations need climate finance more than ever

HUMAN RIGHTS

MEGAN ROWLING Many developing nations are under huge financial stress from the COVID-19 crisis, making it more important than ever that they receive the funding promised by rich nations to help them tackle climate change, said the head of the Green Climate Fund. Yannick Glemarec said the poorer countries the fund supports lack the financial means to jumpstart their economies and are struggling to access capital, while their revenues from taxes, commodity exports and remittances have plunged. "For a number of developing countries, it's a perfect storm," the executive director of the multi-billion-dollar Green Climate Fund (GCF) told the Thomson…