At a recent conference in Kampala, Uganda, the African Development Bank emphasized the critical need for greater private sector involvement in climate finance.
Prof. Anthony Nyong, Director for Climate Change and Green Growth, highlighted that the private sector financed less than 3% of Africa’s adaptation activities from 2019 to 2022.
He urged mobilizing $213.4 billion annually from the private sector to address the climate financing gap by 2030.
Panelists, including Uganda’s Minister of State Planning Amos Lugoloobi, Sierra Leone’s Finance Minister Bock Kalokh, and Mr. Joseph Ng’ang’a of the Africa Climate Summit, stressed the urgency of increasing financial resources for climate action.
Kalokh underscored the need for immediate action to mitigate climate impacts, while Ng’ang’a highlighted Africa’s potential to drive solutions through global financing.
Prof. Nyong also introduced the African Financial Alliance on Climate Change (AFAC), an initiative to boost capital allocation for climate resilience in Africa.
The conference concluded with a unified call for ministries of finance to prioritize climate resilience and engage the private sector to address the escalating climate crisis.