Investments in African clean energy must grow sixfold in order to spur renewable development, and multilateral development banks have been implored to increase concessional finance flows to energy and adaptation in the country.
According to a statement from the United Nations Office of the Special Adviser on Africa (OSAA), it will cost some $2.8 trillion between 2020 and 2030 to implement the National Determined Contributions (NDCs) as currently submitted by 51 African countries. African governments have pledged contributions for 10 percent of this amount from their own domestic resources, leaving about $250 billion per year that must come from international public sources and the private sector.
So far, the total annual climate finance flows in Africa for 2020 only reached $30 billion, just 12 percent of the amount needed. Although investment in Africa is growing at a higher rate than in other regions, the cumulative sum of renewable energy investment makes up just 2