The African Development Bank (AfDB) has said that the African continent is one of the world’s most vulnerable to climate risks.
The bank stated this in a statement on its website on Tuesday, adding that Africa was the least among continents that polluted the planet.
The statement noted that nations across the continent were grappling with financing constraints.
“Thus, resources from the international private sector, including multilateral development financiers such as the AfDB, are helping to catalyse climate action and green growth.
“For AfDB, greater involvement of the private sector is crucial to closing the gap in climate finance flows into Africa, which until recently, was dominated by non-private actors.
“For example, of the 29.5 billion dollars invested in African climate finance in 2020, only 14 per cent was from private actors,’’ the statement said.
According to the statement, this is significantly lower than comparable regions like Latin America and the Caribbean (49 per cent), East Asia and the Pacific (39 per cent) and South Asia (37 per cent).
It said these limited funds covered several African countries with relatively developed financial markets, such as South Africa, Nigeria, Kenya, Morocco, and Egypt, which attracted 4.2 billion dollars.
Story was adapted from Vanguard