Illuminate: Pathways to Unlocking Climate Finance for Africa

In the face of worsening and more frequent extreme climate events, action to mitigate, adapt and build resilience are more urgent than ever, this book suggests that Africa needs a new approach that is not predicated solely on government action and development partner financing. It offers specific recommendations for African governments, the global community, philanthropists, stock exchanges and Regional Economic Communities (RECs) to this end. The evidence compiled in this book suggests that progress can be achieved by building on the efforts Africans and Africa’s partners are making with respect to preserving nature in the Congo basin, building more resilient food systems, strengthening monitoring and incentives in the financial system to promote investment to support resilience and sustainability, energy savings and investment in sustainable energy. On an institutional level, the book documents steps being taken by stock exchanges, central banks and financial institutions across the continent to tackle climate change. At the pan-African level, action is also facilitated by the African Continental Free Trade Area that aims to create a single market for goods and services across Africa and became operational in January 2021. The book argues that the global community can play a supporting role through multilateral development banks, international financial institutions, and bilateral agencies. There is also scope for philanthropies to catalyze aid and private-public action and expanding debt for nature swaps whilst promoting green infrastructure.