Africa’s Climate Challenge: $3 Trillion Investment Needed

Africa is facing serious climate challenges, even though it contributes very little to global greenhouse gas emissions. 

The African Union (AU) is urging for urgent action to address these problems, with the upcoming Second Africa Climate Summit (ACS2) focused on getting the necessary investment to meet climate goals. 

Africa needs about $3 trillion to reach its climate targets. To make this possible, the continent is looking for stronger partnerships and more financial support to boost renewable energy, improve resilience, and move towards a greener economy. 

The AU is pushing for a global approach that includes Africa in the fight against climate change.

1. The $3 Trillion Funding Gap

According to AU Commissioner Moses Vilakati, Africa requires over $3 trillion to achieve its climate objectives.

However, between 2021 and 2022, the continent received only $30 billion in climate finance, covering just 18% of its mitigation needs and 20% of adaptation efforts.

This shortfall underscores the necessity for a more equitable and efficient global climate finance system.

2. Africa’s Renewable Energy Potential

Africa possesses the world’s highest solar energy potential, with vast regions receiving over 2,000 kWh/m² annually.

The AU aims to triple the continent’s renewable energy capacity to 300 GW by 2030. Achieving this target requires enhanced collaboration among governments, private investors, and international organisations to mobilise the necessary resources.

3. The Role of the ACS2 Summit

The ACS2 summit, themed “Accelerating Global Climate Solutions: Financing for Africa’s Resilient and Green Development,” seeks to position Africa as a leader in climate action.

Ethiopia’s State Minister for Planning and Development, Seyoum Mekonnen, emphasised that the summit is an opportunity for Africa to showcase its solutions and advocate for fairer global climate financing.

The event will also focus on institutionalising inclusive climate governance and integrating climate risks into national development plans.

4. Progress Since the First Summit

Since the inaugural Africa Climate Summit, the AU has made strides in strengthening regional climate policies and partnerships.

Initiatives such as Ethiopia’s Green Legacy Program, which has planted over 40 billion trees, demonstrate Africa’s commitment to sustainable environmental practices.

These efforts aim to mitigate climate impacts and promote resilience across the continent.

5. The Path Forward

The AU calls for a transformative approach to climate financing that ensures efficiency, adequacy, and justice.

As the ACS2 summit approaches, the African Union urges global partners to recognise climate finance as a matter of survival for Africa and to support the continent’s transition to a green and resilient future.