Addis Ababa, March 20, 2025 (POA) — Experts specializing in climate issues gathered in Nairobi, Kenya’s capital city, on Wednesday to explore strategies for closing the funding shortfall for climate initiatives across Africa.
The second Climate Change Global Business Summit for Africa saw participation from representatives of African governmental bodies, the United Nations, various multinational finance organizations, and companies from the business sector.
The Cabinet Secretary at Kenya’s Ministry of Environment, Climate Change and Forestry, Aden Duale, stated that the nation requires approximately $4 billion per year for adapting to climate change and an additional $1.4 billion yearly for mitigation efforts up till 2030.
"Securing this funding is crucial for tackling the effects of climate change and forging a resilient, sustainable path forward for every Kenyan," stated Duale.
He stated that Africa needs financial assistance from international bodies, development allies, and the private sector to quicken the speed of climate initiatives.
The Malawian Minister of Energy, Ibrahim Imedi Matola, stated that the private sector has the potential to assist Africa in closing the climate financing gap by investing in renewable energy sources and sustainable farming practices.
He disclosed that adapting to climate change in sub-Saharan Africa is projected to demand between $30 and $50 billion per year over the coming ten years, highlighting the urgency of developing prompt and enduring financing solutions to tackle climate-related threats.
Stefano Marguccio, the deputy CEO of Sustainable Energy for All — an international environmental advocacy group collaborating with the United Nations — stated that tapping into Africa’s climate investment opportunities necessitates novel financial strategies like debt-for-nature and debt-for-climate swaps.
Marguccio highlighted that Africa requires transformational strategies such as promoting incentives for renewable energies, fostering public-private collaborations, and implementing regulatory changes to draw sustainable investments aimed at enhancing the continent’s ability to withstand climate impacts.
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