Financial aid for developing countries often arrives in the form of loans, not grants. In the long term that only adds to the burden on vulnerable economies
that combating climate change would be cheap. Still, a report released during the COP27 climate talks made for a sobering reminder. The report, commissioned by Britain and Egypt as the past and current hosts of the UN summit, said that developing countries alone need a combined $1trn a year in external funding to meet the goals set out in their Nationally Determined Contributions, or NDCs .
Though rich industrialised countries produce far more of the emissions that have caused warming to date, poorer ones tend to suffer far more from its ill effects. Africa is responsible forof the emissions that humans have ever put into the atmosphere. Yet the continent’s arid east is suffering from multi-year droughts that blight harvests and wildlife; its central and western regions face catastrophic floods as the rise in temperatures increases the amount of moisture in the air.
Every region of Africa is ill-equipped, but some are worse off than others. Just ten countries receive 60% of the current climate financing; 40% is split among 45 countries and territories. Southern Africa faces the biggest funding gap, of more than $100bn between what the region says it needs annually and what it is receiving.
Most of the current funding comes from development banks. But financial aid often arrives in the form of loans, not grants. In the long term that only adds to the burden on vulnerable economies. The additional funds instead need to come from the. A report by the Climate Policy Initiative, a think-tank, found that just 14% of known climate financing in Africa comes from private investors—the lowest share of any region. In North America the figure is 96%.
The private sector, understandably, favours rich countries; political instability and debt-riddled economies in parts of Africa may not seem sound investments. Investors also complain of a lack of guaranteed returns on their money. But this only explains part of the gap. Private investments in fossil fuels, for example, amount to $29bn in Africa every year. Clean energy systems receive just $9.4bn.
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