News Type: News

New Report – Innovative Finance Is Essential To Tackle Barriers To Investment In Africa’s Climate Finance Needs

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At An Average Investment Of USD 250 Billion Annually From 2020 To 2030

The African continent presents a massive investment opportunity for investors to advance the deployment of climate solutions in the coming decade according to a new report Climate Finance Innovation for Africa. However, this will require innovation in financing structures and the strategic deployment of public capital to ‘crowd-in’ private investment at levels not yet seen.

Current levels of climate finance in Africa fall far short of needs. Africa’s USD 2.5 trillion of climate finance needed between 2020 and 2030 requires, on average, USD 250 billion each year. Total annual climate finance flows in Africa for 2020, domestic and international, were only USD 30 billion (CPI forthcoming), about 12% of the amount needed.

Barriers related to shallow financial market depth, governance, project-specific characteristics, and enabling skills and infrastructure have stifled private investment in African climate solutions to date.

To overcome these challenges will require innovation in financing structures. But there is no one-size fits all. Public and private investors must tailor their financial instruments and strategies depending on the acute or chronic nature of the barriers identified.

Recommended actions for increasing deployment of innovative finance include:

  • Identify and understand barriers constraining finance by sector and geography. Private investors must have the data to assess the risks affecting each investment decision based on its geographic and sectoral context. Building on their role as a catalyst for change, public investors should then deploy capital in a targeted way to address the specific barriers constricting private investment.
  • Match instruments with barriers. Public and private investors must tailor their financial instruments and strategies depending on the acute or chronic- nature of the barriers identified. The framework developed in this CPI study can serve as a toolbox for investors to access when reviewing investment opportunities in climate solutions.
  • Match instruments with project and technology lifecycles. As climate investments are typically long-term opportunities, investors must look to deploy different financial instruments and strategies in direct response to lifecycle-dependent considerations.
  • Enhance engagement and co-financing with local stakeholders. International private and public investors must work in collaboration with local stakeholders. This can help build capacity among local investors and inform targeted action by governments to improve investment performance.
  • Support innovation by establishing conducive policy and regulatory frameworks. Governance barriers remain one of the key impediments to sourcing climate finance in Africa. Most importantly, policymakers and regulators can foster climate finance innovation by adopting policy frameworks and long-term roadmaps.

This work provides a framework for how these instruments and strategies can be efficiently deployed to overcome barriers to finance and capitalise climate solutions in Africa. Real-world examples include:

  • TerraFund for AFR 100 has deployed a standardized process to deploy early-stage catalytic finance and technical assistance to spur the growth of grassroots innovators operating in the challenging land restoration sub-sector. It has mobilized USD 20 million in its initial round of investment, doubling the fundraising target it set out to raise over three years in 2020.
  • The Sub-National Climate Finance Initiative’s use of blended private equity and technical assistance to overcome the project and governance barriers facing investment in mid-sized climate infrastructure projects. To date, it has secured USD 150 million in funding for its blended equity fund.
  • Revego Africa Energy’s strategy of aggregating a diversified portfolio of operating renewable energy assets into Africa’s first YieldCo to attract investment from key/blue chip institutional investors. With support from a public-private partnership between Macquarie and the UK Government, Revego has secured institutional capital from one of the largest pension funds in South Africa.

This brief provides an overview of financial and non-financial solutions to address sector specific barriers. It provides six groups of practical instruments: non-tradable finance instruments; capital market instruments; result-based finance instruments; risk mitigation instruments; structured finance mechanisms and non-financial tools. Each of these tools has the potential to address one or more of the barriers currently hindering climate investments in Africa.

This paper is part of The State of Climate Finance in Africa series from Climate Policy Initiative, The Children’s Investment Fund Foundation, and FSD Africa. The Landscape of Climate Finance in Africa report will be published later this summer.

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Kenya to pilot Africa’s first data hub for real estate investors

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Kenya will be the first country to benefit from an initiative by players in Africa’s housing sector seeking to make critical data available for developers, financiers and the public.

Through the Open Access Initiative, data on the cost of construction, time taken to complete projects, and specific challenges arising in the housing sector will be made public across the continent.

The initiative which will cover the continent is being piloted in Kenya.

The Open Access Initiative is being spearheaded by the Centre for Affordable Housing Finance in Africa (CAHF), Financial Sector Deepening (FSD) Africa Investments, Financial Sector Deepening (FSD) Kenya, and Reall and International Housing Solutions (IHS).

Together, these market facilitators have formed the Affordable Housing Investment Alliance (AHIA) which will in turn drive the Open Access Initiative.

The anticipation is that this data will guide investors in affordable housing on what units are profitable, areas that are underserved, and how to navigate the challenges and returns on investments.

Ultimately, this information is expected to save investors money and time.

Smart investment decisions

The initiative comes a few months after the Centre for Affordable Housing Finance (CAHF) and the Africa Union for Housing Finance (AHF) pointed out in a report on the lack of good data which should inform investors in the sector. As such, investing in the sector is risky and expensive.

This new initiative will then be the guiding torch in these murky waters for investors.

According to the vision of this initiative, the plan is to have affordable housing practitioners – developers, financiers and investors – share data and delivery experiences in a central repository.

This repository will then become the full database of all investments into affordable housing in Africa, Kenya being the pioneer.

“Data and information sharing between the parties and collaboration in the advocacy and engagement processes will leverage the individual efforts of the parties to realise economies of scale in improving the enabling environment for affordable housing,” reads the vision board of the alliance.

The alliance notes that although data is fundamental to the investment decision, there is limited good quality and focused data.

“Investors and developers all highlight the difficulty of accessing data that gives an accurate picture of the affordable housing investment opportunity and its risks,” said the alliance.

Open platform

The data is limited in composition and associated costs, clarity of the process followed when development was being put up (including steps, time and costs) – the blockages that arise, impact on affordability, details relating to people, target market and their affordability.

In addition, the data does not include other financial pressures, housing needs, the performance of the investment – whether it is a worthwhile venture or not – and how improvements can be done.

The solution to this problem as the document proposes is to have this information public. The Open Access Initiative approach, according to the document, asserts that when money is invested into a development, it should have a twin objective – achieve the immediate development output (housing units) and support the broader market development.

“In order to achieve the latter, the sharing of data and information related to the investment experience becomes a condition of investment. Over the course of the investment, this data and information will be collected and then developed into useful outputs for sharing in the public domain,” the document says.

Outputs will be produced on various levels, some will target participating developers, other development finance institutions (DFIs) and the general public. To amplify the usage of information at hand AHIA will produce a wide range of outputs, such as project fact sheets, investment fact sheets, action briefs and case studies as well as a data dashboard.

“It is anticipated that these outputs will support actors along the housing value chain to support investments in overcoming blockages they face and develop tools, frameworks, and baseline research to support both the investee and other market players in addressing the challenges that they confront in delivering affordable housing.”

Showcase activities

Additionally, the output will showcase the activities of market players engaging in affordable housing, demonstrating their focused attention on both opportunities and risks and encouraging greater investment into the affordable housing sector, given the clear attention to delivery risks, and the identification of niche market opportunities enabled through this effort.

“The Open Access Initiative is about market development. The intention is to build and support a more competitive environment in which a range of market players see (and can act on) opportunities to invest while raising the bar on quality and long-term sustainability,” the alliance says in the document.

“Ultimately, it can contribute towards an overall cost saving in the actual product and the time taken to achieve its delivery, benefiting the original data sharer, the investor, and the market as a whole,” it adds.

In a nutshell, the alliance says, the Open Access Initiative asserts that sector players should not compete on how to access information but on how it is used to optimise resources.

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As COP27 Looms, Africa Receives a 10th of Climate Financing It Needs

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As the international climate community prepares to descend on Sharm el-Sheikh in Egypt, new analysis shows just how far off their host continent is in terms of attracting the finance it needs to adapt to catastrophic global warming, build renewable energy plants and enhance its carbon-absorbing ecosystems.

At $30 billion, annual climate finance flows in Africa are just 11% of the $277 billion needed, according to research published Wednesday by the Climate Policy Initiative, a US-based nonprofit. The research was commissioned by FSD Africa, an organization funded by the UK government, the Children’s Investment Fund Foundation, a charity set up by billionaire hedge fund activist Christopher Hohn, and UK Aid. It’s the first to map climate finance flows in Africa by region, sector and source, and captures available data for 2019 and 2020.

Top of the agenda at the November UN climate summit in Egypt, known as COP27, will be demands from developing nations for more funding from rich countries to adapt to global warming and a financing mechanism to help them cope with natural disasters and extreme weather events. In 2009, developed countries committed to $100 billion of assistance for poorer nations every year. They have fallen significantly short of that target.

Africa accounts for a tiny fraction of the world’s carbon emissions but its nations will be among the hardest hit by global warming, already manifested globally in disasters ranging from heat waves in Europe to droughts in the Horn of Africa and floods in Pakistan.

“A report such as this allows us to measure whether the commitments of developed countries to provide finance to developing countries, is indeed being delivered,” said Valli Moosa, deputy chairman and effective head of South Africa’s Presidential Climate Change Coordinating Commission, in a statement.

Private sector finance in particular remains too low, the Climate Policy Initiative said in the report. Companies and commercial financial institutions contributed just 14% of total climate finance received in Africa, much lower than in other developing regions.

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Existing flows are highly concentrated, with 10 of the 54 countries on the continent accounting for more than half of Africa’s climate finance. These include Egypt, Morocco, Nigeria, Kenya, Ethiopia and South Africa. The Southern African region bears the largest financing gap in absolute terms, attributed by the researchers to the $107 billion annual needs of South Africa alone, combined with one of the lowest regional levels of climate investment. As a percentage of gross domestic product, countries in Central and East Africa face the largest investment gaps.

Investment Opportunities

South Africa, the continent’s most industrialized nation, is transitioning from reliance on coal for more than 80% of its electricity to renewable energy, meaning that billions of dollars will need to be spent on new power plants and an expanded electricity grid.

“Public and private actors must act with scale and speed to help bring Africa’s climate goals to fruition,” said Barbara Buchner, global managing director of the Climate Policy Initiative. “Africa offers a wealth of climate-related investment opportunities” and “the social, economic, and environmental benefits which could be realized are even greater,” she said.

Those investment opportunities are spread across a number of sectors, including clean energy plants and agribusiness. Annual investment in renewable power stands at just 7% of the $133 billion that the International Energy Agency estimates African countries need to meet their 2030 energy and climate goals, according to the research. Agriculture and forestry investments are also falling short of financing needs.

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Venture funds flowing into Africa’s climate change businesses

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Summary

  • Several venture capital firms are actively hunting startups while others are building up their war chests to capitalise on existing opportunities – including the take-over of successful and promising energy startups.

Nairobi. Startups working to mitigate climate change in Africa have caught the eye of investors as venture funds flow into technology that could shape the future of energy on the continent.

Investment into African tech startups that focus on mitigating climate change is beginning to rise, following a global trend – albeit at much lower valuations than elsewhere.

Since the start of the year, green tech startups offering solutions that help countries keep to the Paris Agreement’s goal of limiting global warming to below 1.5 degrees Celsius have attracted growing investor interest.

Several venture capital firms are actively hunting startups while others are building up their war chests to capitalise on existing opportunities – including the take-over of successful and promising energy startups.

The recent acquisition of Ghana-based solar energy startup, PEG Africa, by UK-based power company, Bboxx is among the most significant deals in this vertical, so far.

PEG, with a pay-as-you-go solar home system, has a customer reach of one million. The company, already present in Senegal, Ghana, Mali and Ivory Coast, is served by over 500 employees in 100 centres. Reports value the deal at US$ 200 million.

“The agreement was closed on 6th September 2022. Financials have not been disclosed,” said Bboxx in a statement.

Following the deal, the two became the fastest-growing clean energy firms on the continent, with a combined customer base of 3.5 million across 10 African countries.

Canadian investor FinDev Canada pumped US$ 13 million into the Energy Entrepreneurs Growth Fund (EEGF) in January. EEGF invests in early and growth-stage energy startups in sub-Saharan Africa.

The fund – founded by oil marketer Shell – seeks to increase access to clean energy for households and off-grid businesses in the region.

Two months ago, Africa’s Climate Venture Builder, Persistent Energy, closed a $10 million series C funding round to strengthen its team and scale climate activities in Africa. It said the funding has the potential to improve 2 million lives, create 6,000 green jobs and cut 700,000 tonnes of carbon emission.

“By leveraging powerful partnerships, we will be able to accelerate our most pioneering venture building investments, driving the transition to clean energy, promoting e-mobility and finding innovative business models and technological developments across the continent,” said Persistent Managing Partner, Tobias Ruckstuhl.

Over the last two decades, Persistent has engaged in 22 early-stage investments in pay-as-you-go- solar home systems, commercial and industrial solar, as well as e-mobility players including Kenya’s e-mobility startup, Ecobodaa.

Boston-based venture accelerator, Catalyst Fund has announced plans to begin funding Fintech and climate resilience startups in Africa starting October 2022.

“We are actively looking for early-stage startups that improve the resilience of underserved and climate-vulnerable communities in emerging markets. Our next cohort will kick off in October 2022,” announced the venture firm.

It is looking for startups offering solutions in recycling, sustainable agriculture, carbon credits and sustainable utilities like water management and clean energy. Already, the fund has received $3.5 million from FSD Africa to support these initiatives.

Research firm Magnitt, shows energy startups raised hundreds of millions of dollars in the first half of 2022. Africa energy startups drove 67 percent of this capital.

A comparative report, State of Climate Tech 2021 by advisory firm PwC also highlights the growing attractiveness of the sector across the globe.

According to the report, investments in climate tech surged in the first half of 2021, to US$ 87.5 billion globally, from a low of US$ 28 billion in the second half of 2020.

“Though this area presents a major commercial opportunity, due to the inherent value associated with reducing emissions, there is still much work to be done to channel this investment appropriately,” said PwC researchers.

US climate tech firms raised the largest share (US$ 56.6billion), followed by Europe and China (US$ 18.3 billion and US$ 9 billion respectively). Most of this capital funding growth targetted electric vehicles.

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Kenya a major recipient of green funding in Africa

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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.

https://youtube.com/watch?v=WpY2b7Q7RN4

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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Environmentalists Raise Awareness of Value of Wetlands

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Environmental Advocacy groups including the Lekki Bird Club, Green Action, the Nigerian Conservation Foundation and Green Fingers Wildlife Initiative have raised awareness of the value of wetlands to Lagos State and Nigeria.

This was the highlight of the Photography Exhibition themed, “Wetlands for Man and Biodiversity”, hosted by the Deputy British High Commissioner in Lagos, Ben Llewellyn-Jones.

Foremost Environmentalist, Mr Desmond Majekodunmi of Lufasi Conservation Park spoke on the importance of bringing “Our collective attention and awareness to the ongoing deforestation of the Lagos wetlands and the important role they play in our environmental and economic progress in Lagos”.

He said: “What people see as swampy, stagnant water is key to many facets of our city life such as being a natural, low-cost wastewater treatment, flood mitigation, climate control and even providing a natural breeding ground that supports our fishing populations.”

Majekodunmi also warned that “We are, however, close to losing most of our natural wetlands due to factors like overpopulation and the need for more housing which has led to the sand filling of some of these wetlands to accommodate the housing needs of urban Lagos.

“However, when a wetland is sand-filled, the soil hardens and it loses the ability to prevent flooding; instead, it makes flooding worse. This is particularly important for Lagos, where the total economic losses due to flooding across the state have been estimated at $4 billion per year, which is 4.1 per cent of the state’s GDP or 1.0 per cent of the national GDP.”

This exhibition is the second in the awareness campaign organized by the environmentalists for the National Theatre Igamu wetlands. The first was a 3-day exhibition held in July this year and was visited by the British High Commissioner, Catriona Laing CB, environmentalists, the press and schools from the local area.

The National Theatre is currently being renovated into a world-class space for creatives by the Bankers Committee and the various stakeholders are excited about this development as it presents an opportunity to showcase the mangroves and the beauty they add to the Lagos environment.

It also allows the developers the opportunity to set the standard on how to sustainably develop in urban areas whilst restoring the integrity of the wetlands.

Thus creating a world-class wetlands education centre within the National Theatre that will be used by schools, students, researchers, eco-tourists and Lagos residents. This approach would help to educate people about the value of wetlands, mangroves, and associated wildlife and enable them to experience the wetlands.

It is therefore important to ensure that the National Theatre wetlands are restored to create one of Africa’s best practice wetlands in line with models such as the London Wetland Centre and the Panama Bay Wetland (Tocumen International Airport) creating a culture of sustainability in Lagos which would inspire the leaders of tomorrow across Africa.

The British High Commissioner, Ben Llewelyn-Jones said: “Protection and restoration of critical ecosystems such as wetlands require international cooperation, policy-making, capacity building, and technology transfer.

In January 2021, the UK announced a commitment of at least £3 billion from our existing commitment of £11.6bn for international climate finance.

This money has been earmarked for climate change solutions that protect biodiversity-rich land and ocean ecosystems, and support livelihoods.

Llewelyn-Jones added: “In Nigeria, we are collaborating with the Federal and State Governments, as well as Civil Society Organisations to create the enabling environment and fundamental drivers that are key to conservation and the sustainable use of nature.

“Through the UK-funded FSD Africa program, we are committed to supporting the Lagos State Government’s initiative to build a sustainable, and flood-resilient mega city; by helping to mobilise green financing via the capital market and insurance industry.”

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Green tech startups in Africa are attracting investor interest

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This article was submitted to TechCabal by Conrad Onyango, bird story agency*

Investment into African tech startups that focus on mitigating climbing change is beginning to rise, following a global trend – albeit at much lower valuations than elsewhere.

Since the start of the year, green tech startups offering solutions that help countries keep to the Paris Agreement’s goal of limiting global warming to below 1.5 degrees Celsius have attracted growing investor interest.

Several venture capital firms are actively hunting startups while others are building up their war chests to capitalise on existing opportunities – including the take-over of successful and promising energy startups.

The recent acquisition of Ghana-based solar energy startup, PEG Africa, by UK-based power company, Bboxx is among the most significant deals in this vertical, so far.

PEG, with a pay-as-you-go solar home system, has a customer reach of one million. The company, already present in Senegal, Ghana, Mali and Ivory Coast, is served by over 500 employees in 100 centres. Reports value the deal at US$ 200 million.

“The agreement was closed on 6th September 2022. Financials have not been disclosed,” said Bboxx in a statement.

Following the deal, the two became the fastest-growing clean energy firms on the continent, with a combined customer base of 3.5 million across 10 African countries.

Canadian investor FinDev Canada pumped US$ 13 million into the Energy Entrepreneurs Growth Fund (EEGF) in January. EEGF invests in early and growth-stage energy startups in sub-Saharan Africa.

The fund – founded by oil marketer Shell – seeks to increase access to clean energy for households and off-grid businesses in the region.

Two months ago, Africa’s Climate Venture Builder, Persistent Energy, closed a US $ 10 million series C funding round to strengthen its team and scale climate activities in Africa. It said the funding has the potential to improve 2 million lives, create 6,000 green jobs and cut 700,000 tonnes of carbon emission.

“By leveraging powerful partnerships, we will be able to accelerate our most pioneering venture building investments, driving the transition to clean energy, promoting e-mobility and finding innovative business models and technological developments across the continent,” said Persistent Managing Partner, Tobias Ruckstuhl.

Over the last two decades, Persistent has engaged in 22 early-stage investments in pay-as-you-go- solar home systems, commercial and industrial solar, as well as e-mobility players including Kenya’s e-mobility startup, Ecobodaa.

Boston-based venture accelerator, Catalyst Fund has announced plans to begin funding Fintech and climate resilience startups in Africa starting October 2022.

“We are actively looking for early-stage startups that improve the resilience of underserved and climate-vulnerable communities in emerging markets. Our next cohort will kick off in October 2022,” announced the venture firm.

It is looking for startups offering solutions in recycling, sustainable agriculture, carbon credits and sustainable utilities like water management and clean energy. Already, the fund has received US $ 3.5 million from FSD Africa to support these initiatives.

Research firm Magnitt, shows energy startups raised hundreds of millions of dollars in the first half of 2022. Africa energy startups drove 67 percent of this capital.

A comparative report, State of Climate Tech 2021 by advisory firm PwC also highlights the growing attractiveness of the sector across the globe.

According to the report, investments in climate tech surged in the first half of 2021, to US$ 87.5 billion globally, from a low of US$ 28 billion in the second half of 2020.

“Though this area presents a major commercial opportunity, due to the inherent value associated with reducing emissions, there is still much work to be done to channel this investment appropriately,” said PwC researchers.

US climate tech firms raised the largest share (US$ 56.6billion), followed by Europe and China (US$ 18.3 billion and US$ 9 billion respectively). Most of this capital funding growth targetted electric vehicles.

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Bank of Ghana announces Regulatory Sandbox

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Following a successful pilot implementation, Bank of Ghana launched its Regulatory and Innovation Sandbox developed in collaboration with EMTECH Solutions Inc.

This is in line with the Bank’s commitment to continuously evolve a conducive regulatory environment that fosters innovation, financial inclusion and financial stability.

Over the past two (2) years and during the pilot, the use of digital financial services among Ghanaians has recorded a remarkable increase on account of a raft of enabling policies introduced by the Bank and the Government of Ghana under the national digitalization agenda.

At the same time, the restrictions imposed on movement of persons as part of the COVID-19 containment measures have spurred the adoption of digital financial services among individuals, businesses, government ministries, departments and agencies.

Similarly, the adoption of emerging technologies such as artificial intelligence, machine learning, and data analytic tools is accelerating among Ghanaian financial service providers with enormous opportunities for innovative products and services including chatbot, Know Your Customer (KYC) and Customer Due Diligence (CDD) solutions, anti-money laundering and fraud monitoring platforms, credit scoring for digital credit products and customer-centric product designs.

Within the domain of Bank of Ghana, the digital version of the Ghanaian currency, the eCedi, has the potential of boosting innovation in digital financial service and further enhancing digitalization of the financial service industry when mainstreamed.

On the other end of the digitization spectrum, blockchain appears to hold significant promise for use in mainstreaming financial service delivery though the technology is yet to mature.

Nevertheless, Bank of Ghana took a bold decision and admitted a blockchain solution into its Regulatory and Innovation Sandbox during the pilot stage; a further evidence of its commitment to innovation.

Against the backdrop of these developments, the Regulatory Sandbox is an opportune tool for harnessing the potential of technology to develop an efficient and inclusive financial service industry without risking financial stability.

More importantly, it will serve as an enabling framework for small-scale, live testing of innovations by innovators (operating under a special exemption, allowance, or other limited, time-bound exception) in a controlled environment under the regulator’s supervision.

It aims at, among others, fostering a deeper understanding of innovative products, services and business models by the regulator, allowing for potential improvements to legal and regulatory requirements to encapsulate emerging technologies and ensuring careful monitoring and containment of any risks that may emerge.

The Regulatory Sandbox is open to all licensed financial institutions (Banks, Specialized Deposit-taking Institutions, Payment Service Providers, Dedicated Electronic Money Issuers, Financial Holding companies and other Non-Bank Financial Institutions) and unlicensed FinTech start-ups that have innovative products, services or business models that meet the Regulatory Sandbox requirements.

Innovations eligible for the sandbox environment will have to satisfy any of the following broad categories:

New digital business models not covered explicitly or implicitly under any current regulation;
New and immature digital financial service technology; and Innovative and disruptive digital financial service products that have the potential of addressing a persistent financial inclusion challenge.

The Regulatory Sandbox Framework, user guide and access link to the platform can be found on Bank of Ghana website to provide guidance and accessibility to interested licensed and unlicensed financial or non-financial institutions.

Bank of Ghana through this initiative, affirms its commitment to provide the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda. With support from FSD Africa, we will engage various stakeholders including industry groups, associations and innovation hubs.

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Africa’s climate finance must hit $277bn to meet 2030 goals – Study

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If Africa is to meet its 2030 climate goals and implement the Nationally Determined Contribution (NDCs), climate finance on the continent must hit $277 billion, a new study on the Landscape of Climate Finance in Africa says.

The study, commissioned by the Financial Sector Deepening Africa, the Children’s Investment Fund Foundation, and UK Aid finds that total annual climate finance flows in Africa – both domestic and international was $30 billion, which is just 11 percent of the needed $277 billion.

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