Study finds worrying trend in continent’s fight against crisis: “An epidemic of underinvestment”

African nations are losing up to 5% of their economic output to offset the effects of our planet’s overheating.

The continent is severely lacking in international climate finance, compromising nations’ resilience to extreme weather events and making crucial adaptations unaffordable.

What happens?

As Reuters reported, the 54 African nations have suffered disproportionately from the effects of our climate change.

These countries contribute significantly less to air pollution than more industrialized countries on other continents. However, according to the report, they only receive 1% of global climate finance.

African countries have attracted new climate investors in recent years. Yet African officials say they are still not receiving a fair share of the $100 billion in global financing available – let alone the $1.3 trillion needed to address the problem, according to Reuters cited officials.

Only $2.6 billion of the more than $400 billion spent on clean energy worldwide went to Africa last year, according to Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change, the news service said.

“The climate crisis is an economic trough that is sapping momentum from economic growth,” Stiell said in the Reuters report.

He also said: “Africa’s enormous potential to advance climate solutions is being wiped out by an epidemic of underinvestment.”

Why does Africa’s climate spending matter?

The news about Africa’s climate spending underscores the need for additional investment to help the continent adapt to the overheating of our planet.

Africa is severely affected by climate change due to extreme droughts and floods. These weather events are impacting agricultural food production, driving up commodity prices and worsening the continent’s already devastating hunger problems.

Recent droughts have destroyed crops in southern Africa and increased mortality rates in Somalia. Meanwhile, geothermal resources discovered beneath the Great Rift Valley are helping Kenya produce more clean electricity and supporting the region’s transition to renewable energy.

What is being done to support Africa’s climate finance?

At the Conference of the Parties, government representatives and climate negotiators meet to discuss climate financing strategies. This November, representatives of African nations will gather in Baku, Azerbaijan for the 29th United Nations Climate Change Conference.

Among its goals is to find innovative financing solutions to help African countries adapt to the climate without significantly increasing their debt burden. Carbon markets and debt restructuring could help countries achieve these goals, according to Reuters sources.

No matter where you live, you can do your part to support global climate resilience by voting for climate-friendly candidates in elections and educating yourself on the issues.

You can also donate to organizations like World Vision, which help communities overcome poverty after climate-related natural disasters, while supporting other sustainable development projects in vulnerable regions of the world.

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