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Press release

21 September 2022

New study finds that climate finance for Africa needs to grow 9x from $30 billion to $277 billion to meet 2030 climate goal

21 September 2022 – Research released today from Climate Policy Initiative finds that total annual climate finance flows in Africa for 2020, domestic and international, were only USD 30 billion, just 11% of the USD 277 billion needed annually. While the financing gap is significant, Africa’s rapid urbanization, expanding infrastructure, and energy-access needs offer significant investment opportunities.

Commissioned by FSD Africa, the Children’s Investment Fund Foundation, and UK Aid, the Landscape of Climate Finance in Africa is a first-of-its-kind analysis to map climate finance flows in Africa by region, by sector, and by source. It aims to establish a baseline of public and private climate finance flows in Africa to help investors and climate negotiators scale up climate finance by improving the understanding of the volume, sources, thematic uses, and sectoral allocation of these flows to identify entry points, financing gaps, and opportunities for new investments.