Kenya is among the developing countries that accounted for 50 per cent of total tracked private finance flowing into Africa, according to a new report by Climate Policy Initiative.
With private climate financing valued at close to 4.2 billion dollars (Sh506.5 billion) flowing into the continent in 2022, it means that Kenya and other developing countries received green financing amounting to Sh253.3 billion.
The report has, however, indicated that Africa needs nine times more climate financing annually than the 30 billion dollars (Sh3.6 trillion) inflows it received in 2020 to implement plans to cut emissions and adapt to the impacts of climate change.
The findings show that the private sector’s contribution towards climate-related financing in Africa was too low, at only 14 per cent (4.2 billion dollars) of total climate finance in Africa.
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