Africa needs approximately $250 billion annually to effectively tackle climate change, according to Corporate Accountability and Public Participation Africa (CAPPA), which starkly contrasts the mere $30 billion the continent received in 2020.
CAPPA’s Executive Director, Akinbode Oluwafemi, highlighted this substantial funding gap at the third National Climate Change Conference in Abuja, themed “Channelling Action Towards Just, Sustainable Climate Finance.”
The event brought together stakeholders from the Presidency, the Ministry of Environment, climate experts, activists, affected communities, and Civil Society Organizations (CSOs) to discuss urgent issues like climate reparations and green colonialism, seeking a shift toward equitable climate justice and finance solutions.
Oluwafemi emphasized that climate activists are advocating for $5 trillion annually for the Global South to address climate change and rectify historical funding inequities.
He noted the IPCC’s estimation of a global investment of $200–210 billion needed by 2030 to meet greenhouse gas reduction targets set in the Paris Agreement.
“The IPCC projects that Africa alone will require $250 billion annually between 2020 and 2030, but only received $30 billion in 2020—just 12% of the necessary amount,” Oluwafemi stated.
He added that the private sector and multilateral banks are expected to contribute significantly, with annual targets of $213.4 billion and over $10 billion, respectively, to bridge the financing gap.
Oluwafemi urged participants to engage actively, advocating for “ownership of the climate justice process” as a catalyst for meaningful change.
