As we gather in Seville Spain for the 4th International Conference on Financing for Development, to rally together to accelerate financing for SDGs, Africa’s financing needs in particular comes into sharp focus. The continent’s financing needs are particularly stark. Africa needs about $190bn per annum for climate and yet is only attracting $44 billion. Adaptation financing is a particular concern – in Africa, finance for adaptation is less than a third of the total and is not increasing to any material extent, despite global attention being paid to the need to invest in adaptation, especially in Africa. With public funds in short supply as a result of cuts to international aid programmes and domestic government finances constrained by the cost of servicing high levels of debt, the role of private capital will be crucially important.
