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COP28: African Leaders Call for Financing for the Continent’s Adaptation to Climate Change

Addressing the Adaptation Finance for Africa Summit African leaders emphasized the urgent need for an increase in climate adaptation finance, currently comprising 39% of total climate finance to Africa. Tanzanian President announced the Global Adaptation Center’s partnerships. This initiative aims to provide technical support and mobilize $700 million in green bonds.




Gathered since Thursday, November 30th in Dubai, as part of the 2023 United Nations Climate Change Conference (COP28), African leaders called for a more global response to the continent’s adaptation financing needs in order to combat the impacts  climate change and building  resilience.

Speaking at the Adaptation Finance for Africa Summit on the second day of COP28, the continent’s leaders said climate adaptation finance, which currently accounts for 39% of all flows of climate finance to Africa, must increase rapidly. 

Tanzanian President Samia Suluhu Hassan announced that the Global Adaptation Center will formalize partnerships under the Africa Adaptation Acceleration Program to provide technical support, to mobilize $700 million in green bonds issued by two Tanzanian commercial banks, to finance climate adaptation. 

Senegalese President Macky Sall has proposed that the International Monetary Fund (IMF) and other partners explore the possibility of financing green projects, particularly adaptation, with resources initially reserved for debt repayment.

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Speaking at the Adaptation Finance for Africa Summit on the second day of COP28, the continent’s leaders said climate adaptation finance must increase. Source

Double penalty for a continent that pollutes the least

“Africa remains behind in the adaptation process because it benefits very little from concessional financing and green investments,” declared the Senegalese leader. 

According to him, African countries go into heavy debt to finance their green projects, which constitutes a double punishment for the continent which pollutes the least, pleading for a fair and equitable approach to the fight against global warming and not a special favor requested by the continent, he noted.

Promises at the COP28

British Foreign Secretary David Cameron has assured that UK spending on adaptation in Africa will reach £1.5 billion ($1.89 billion) by 2025, “a money that will be used to fund vital programs such as weather forecasting for farmers,” he added.

To help close the financing gap, the continent launched the $25 billion Africa Adaptation Acceleration Program in 2021. It is led by the African Development Bank Group, the African Union Commission and the Global Center for Adaptation, to realize the vision of the Adaptation Initiative for Africa.


(Featured image by Markus Spiske via Unsplash)

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Helene Lindbergh is a published author with books about entrepreneurship and investing for dummies. An advocate for financial literacy, she is also a sought-after keynote speaker for female empowerment. Her special focus is on small, independent businesses who eventually achieve financial independence. Helene is currently working on two projects—a bio compilation of women braving the world of banking, finance, crypto, tech, and AI, as well as a paper on gendered contributions in the rapidly growing healthcare market, specifically medicinal cannabis.