![]() ![]() At the same time, African nations must provide accurate information on climate, investment risks, and investment returns in the short and long term. ![]() The first step in resolving the issue is for the global North to not only talk the talk but also walk the walk by honouring their commitments. Some of the bottlenecks that highlight this impediment include a lack of adherence by the global north nations to commitments to provide global south nations with the $100 billion annually as highlighted under the Paris Agreement, high debt vulnerabilities due to increased interest rates, porousness in nations' legislative laws that makes it difficult for private sectors to find incentives for climate action, and a lack of data for long-term climate change as well as investment returns. It is important to note that mitigation accounts for most of the reported needs, while adaptation needs are understated despite Africa's vulnerability to climate change. Only USD 30 billion in climate finance flows were reported in Africa in 2020, accounting for about 12% of the required funding. However, current levels of climate finance fall short of the required amount. The remaining funds must come from international public sources as well as the domestic and international private sectors. USD 264 billion has been committed from domestic public resources, leaving a USD 2.5 trillion gap. Based on information provided by 51 of 53 African countries, it is estimated that implementing Africa's Nationally Determined Contributions (NDCs) will cost approximately USD 2.8 trillion between 20. According to the Climate Policy Initiative, determining African climate finance needs is critical for identifying financing gaps and opportunities. The current financial gap in these countries is one area that needs a lot of work. Climate change's negative impact is becoming increasingly visible in Africa and other developing nations.
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