Africa gets only 23% of the climate finance it needs – and pays too much for it

African countries have committed themselves to cutting greenhouse gas emissions and protecting their people from the worsening effects of climate change.

These commitments form part of the Paris Agreement , an international climate treaty adopted in 2015 in which countries agreed to take steps to limit global warming.

Doing this requires billions of dollars in climate finance for clean energy and for making agriculture, water systems and infrastructure resilient to climate change.

But the finance reaching Africa falls far short.

The continent received an average of US$43.7 billion a year in 2021 and 2022 – only about 23% of what is needed.

Africa needs roughly four dollars for every dollar it currently receives.

Read more: The international order is shifting: African countries have an opportunity to reshape global power relations The money is also distributed unevenly.

The ten African countries most vulnerable to climate change receive only 11% of the continent’s climate finance, while another ten attract 76% of private climate investment.

African countries need financing for mitigation (reducing the emissions causing climate change) and adaptation (preparing people, economies and infrastructure for unavoidable droughts, floods and extreme heat).

Current finance covers only 18% of planned mitigation projects and 20% of adaptation costs.

I’m an economist specialising in climate change and governance , with a long background at the United Nations and the African Union.

I argue that Africa may be committed to the Paris Agreement, but the international financial system is pricing much of the continent out of implementing it.

Climate finance tends to flow to countries where investors believe their money will be safe and profitable.

Countries needing the most help often receive the least because investors see them as less likely to repay loans or produce sufficient returns.