Summary:
- Africa’s mainstreaming of climate change and NDCs in its COVID-19 responses is a mixed picture, with only a few countries, such as South Africa and Nigeria, setting out comprehensive plans for a green recovery.
- Most African countries still have sizable financing gaps in key climate interventions, making it a challenge to adequately align economic plans and climate change efforts.
- Reforms to global development finance institutions are needed to ensure that climate change is a central consideration in their financing decisions, while local financial systems must be set up to address climate risk and support the transition to a low-carbon economy.
- Accurate pricing of emissions through carbon taxes and other appropriate tools can incentivise the private sector to invest in low-carbon technologies. At the same time, green sovereign wealth funds for countries still exploiting fossil fuels can help with public investments in sustainable development.
