NAIROBI, March 19 (Xinhua) -- Climate change experts convened in the Kenyan capital of Nairobi on Wednesday to discuss ways to bridge the climate finance gap in Africa.
The second Climate Change Global Business Summit on Africa, held on Wednesday and Thursday, was attended by officials from African governments, the United Nations, multilateral financial institutions, and the private sector.
Aden Duale, Kenya's cabinet secretary in the Ministry of Environment, Climate Change and Forestry, said his country is seeking about 4 billion U.S. dollars annually for climate change adaptation and another 1.4 billion dollars annually for mitigation until 2030.
"This funding is essential to address the impacts of climate change and build a resilient, sustainable future for all Kenyans," Duale said.
He said Africa requires the financial support of international organizations, development partners, and the private sector to accelerate the pace of climate action.
Malawian Minister of Energy Ibrahim Imedi Matola said the private sector can help Africa bridge the climate finance gap through investments in clean energy and sustainable agriculture.
He revealed that climate change adaptation in sub-Saharan Africa is estimated to require 30 to 50 billion dollars annually over the next decade, underlining the need for immediate and sustainable financial strategies to mitigate climate risks.
Stefano Marguccio, deputy chief executive officer of Sustainable Energy for All, an international green lobby working in partnership with the United Nations, said unlocking Africa's climate investment potential requires innovative financing mechanisms such as debt-for-nature and debt-for-climate swaps.
Marguccio noted that Africa also needs transformative policies, including incentives for renewable energy, promotion of public-private partnerships, and regulatory reforms, to attract sustainable investments that will build the region's climate resilience.
