Author: Leshan L Naisho
“Last season, for the first time in three generations, our wells ran dry,” says Sarah Mwangi, a smallholder farmer in Kenya’s Kitui County. “We’re not just losing crops; we’re losing our way of life.”
As world leaders gather at COP29 in Baku, Sarah’s story echoes across Africa, where climate change isn’t just a future threat but a present reality reshaping millions of lives.
The continent faces a stark paradox: while contributing less than 4% of global greenhouse gas emissions, it bears the heaviest burden of climate impacts.
This disparity raises urgent questions about climate justice and what Dr Akinwunmi Adesina, President of the African Development Bank, calls “the most urgent financial and ecological challenge of our time.”
The Magnitude of the Challenge
Africa’s climate finance needs are staggering, with current estimates indicating a requirement of over $50 billion annually for adaptation alone.
This figure represents more than just a number; it embodies the cost of protecting millions of lives, preserving ecosystems, and securing economic stability across the continent.
In Tanzania’s coastal region, Mohammed Ibrahim, a former fisherman turned climate activist, points to the skeletal remains of what was once a thriving mangrove forest.
“These trees were our natural barrier against storm surges,” he explains. “Now, without funding for restoration, each storm brings the sea closer to our homes.”
The challenge is particularly acute in the agricultural sector, where approximately 70% of Africa’s population depends on rain-fed farming.
Climate variability threatens not just food security but the very foundation of many African economies.
Recent data shows that extreme weather events have already caused annual economic losses exceeding $7 billion in some regions, a figure projected to rise dramatically without immediate intervention.
Historical context: Promises vs. Reality
The history of climate finance commitments tells a story of unfulfilled promises.
Since the 2009 Copenhagen Summit’s pledge of $100 billion annual climate funding by 2020, through the Paris Agreement’s 2025 extension, to the establishment of the Loss and Damage Fund at COP27, one pattern remains consistent: less than 10% of pledged funding reaches African nations.
“We are not asking for charity,” emphasises Wanjira Mathai, Vice President of the World Resources Institute, Africa.
“We are demanding investment in humanity’s shared future. Africa’s climate resilience is global climate resilience.”
The “Green Resource Curse” Reimagined
A particularly troubling aspect of Africa’s climate finance challenge is what experts are calling the “green resource curse.”
The Congo Basin rainforest, Earth’s second-largest “lung,” absorbs 1.2 billion tonnes of CO2 annually—worth billions on carbon markets.
Yet the Democratic Republic of Congo, home to much of this forest, struggles to access basic climate finance.
Dr Carlos Lopes, former Executive Secretary of the UN Economic Commission for Africa, notes: “Africa’s natural capital could transform the continent’s economic trajectory, but only if we revolutionise how these assets are valued and monetised.”
The Adaptation Gap
The current funding landscape reveals a stark reality: despite international pledges, actual financial flows fall dramatically short of needs.
Many African nations lack the necessary infrastructure to implement climate-resilient adaptation strategies.
Weak institutional frameworks and governance issues hinder effective climate finance utilisation, while limited access to climate-smart technologies hampers Africa’s ability to leapfrog to sustainable development pathways.
Emerging Solutions and Public-private Partnerships
Success in closing the climate finance gap requires robust partnerships between governments, private sector actors, and civil society.
Innovation in finance mechanisms is already emerging, with blended finance approaches leveraging public funds to attract private investment.
Technology transfer agreements are building local capacity, while market-based solutions are creating sustainable business models for climate adaptation.
Green bonds and climate insurance products are proving to be viable financing tools, though they need to be scaled significantly to meet the continent’s needs.
The Way Forward at COP29:
As negotiations continue in Baku, accountability must be at the forefront.
Clear tracking systems for climate finance commitments, coupled with transparent reporting frameworks, are essential.
These mechanisms must be accompanied by meaningful consequences for unfulfilled pledges.
Capacity building remains crucial, with a focus on strengthening local institutions to manage climate finance effectively.
Technical expertise in project development and implementation must be developed within African institutions, supported by robust knowledge-sharing networks across regions.
The carbon market system requires fundamental reform to properly value Africa’s natural assets.
Direct access channels for climate finance must be established, alongside standardised metrics for measuring adaptation success.
These reforms would help ensure that Africa’s vast natural capital can be leveraged effectively for climate resilience.
Conclusion
The $50 billion question facing Africa is not just about money—it’s about justice, survival, and global stability.
As Sarah Mwangi tends to her drought-stricken fields in Kitui, her story represents millions of Africans on the frontlines of climate change. Their resilience demands not just our admiration but our action.
As COP29 progresses, the international community must move beyond rhetoric to concrete action.
Africa’s climate resilience is inextricably linked to global climate security, and investing in the continent’s adaptation needs is not charity but a strategic imperative for all.
The solutions exist, from innovative financing mechanisms to proven adaptation strategies. What’s needed now is the political will to implement them at scale.
As African leaders often remind us, the cost of inaction far exceeds the investment required for effective climate action. The time for that investment is now.
>>>>> Leshan Loonena Naisho is an accomplished political economist with a master’s in International Political Economy.
His academic focus centres on political economy, development policy, and international relations, particularly the governance of economic development and the influence of foreign policy on global markets.