What volume of climate finance is needed for adaptation and resilience in Africa?

The volume of public and private climate finance currently flowing to Africa currently falls far short of the continent’s needs. Out of the estimated $250 billion in annual financing required to fund Africa’s NDC objectives, total domestic and international financing flows presently only amount to ~$30 billion. Accelerating finance to strengthen adaptation and resilience of communities, economies, businesses, natural systems, and people must remain a clear priority for climate action to tackle the elevated climate-related risks faced by African countries.

According to a 2022 report by the Climate Policy Initiative (CPI), the estimated total climate finance required is $1607 billion to support mitigation and $579 billion for adaptation across the continent. However, the estimated need for adaptation financing is likely to be a significant underestimate.

Higher quality data and technical competencies are urgently required to accurately forecast and allocate adaptation and resilience finance in Africa. Building these capabilities across Africa’s diverse countries, regions, sectors and demographics will provide a more precise understanding of adaptation and mitigation needs and support efforts to address the continent’s extreme vulnerability to climate change.