African Nations Call on World Bank for $277 Billion in Climate Financing to Combat Challenging Issues

Egyptian Minister of International Cooperation Rania Al-Mashat has revealed that African countries are seeking approximately $277 billion in climate financing from the World Bank Group. During a meeting with Ajay Banga, President of the World Bank Group, African governors discussed critical issues such as public debt, financing energy projects, private sector involvement, and climate financing.

Al-Mashat emphasized the importance of climate finance for Africa and called on the Bank to explore innovative tools to mobilize more climate finance. She highlighted the need for a Loss and Damage Fund, investment in renewable energy, support for carbon markets, and assistance for countries in developing and implementing climate action plans.

The African governors appreciated the Bank’s efforts to double financing for renewable energy and expressed readiness to discuss policies to attract more private financing. They also stressed the urgency of activating the Loss and Damage Fund and providing technical assistance to help countries assess climate risks.

Al-Mashat underscored the need for the Bank to focus on mitigating the effects of climate change, increase adaptation financing, and strengthen the use of private sector financing for mitigation activities. The African governors look to the Bank to play a crucial role in advancing development on the continent and addressing the challenges faced by developing countries.