Africa set to fall $2.5 trillion short of climate finance by 2030: UN
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A UN official stated that Africa will lack $2.5 trillion in climate finance by 2030 despite contributing the least to greenhouse gas emissions and facing severe impacts.
Africa currently receives only 2% of global investments in clean energy. Still, it requires $2.8 trillion in investments by 2030, according to Hanan Morsy, the chief economist of the United Nations Economic Commission for Africa, who emphasized the risks of insufficient funding at a Victoria Falls, Zimbabwe conference.
“We end up in a vicious circle with investment shortfalls increasing exposure risk and worsening impact, further eroding fiscal space and raising finance costs,” Morsy said.
“We must address the issue of unfair risk perceptions and credit ratings that offer Africa limited borrowing options,” UNECA Executive Secretary Claver Gatete said.
Gatete referenced data from the UN Development Program, which estimated that the subjective nature of credit ratings was causing Africa to lose up to $74.5 billion.
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