Africa Climate Business Forum Conveyed 100 participants to strategize ways to meet Africa’s Climate Finance Gap

By Abdul Rahman Bangura-

Photo Credit: Climate action

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Mary Porter Peschka – Regional Director for Eastern Africa at the International Finance Corporation (IFC) which serves as the private sector arm of the World Bank Group, let out Africa requires $190 billion a year between now and 2030 to fund climate change mitigation criteria and another $50 billion yearly by 2050 to finance adaptation
measures.

“We need to inspire different stakeholders, both local and international, because no institution alone can provide the climate finance Africa needs,” Peschka spoke out.

She remarked that the IFC is sponsoring Africa to develop its pool of climate finance through investing in green bonds whose earnings will fund green projects.

The Global Director for Climate Business at the IFC – Jamie Ferguson, Africa has tremendous renewable energy sources such as geothermal, wind, and solar, which can entice climate finance into the mainland. Fergusson disclosed that the mainland likewise needs policy and regulatory reforms that will stimulate the private sector to make investments in projects that are environmentally tolerable.

Head of environmental, Social, and Governance/Sustainability at the Bank of Ghana – Ignatius Wilson stated his nation is presently formulating policies that will deliver encouragement for the private sector to subsidize projects that will lessen greenhouse gas emissions in Ghana.

Maurice Madiba – the head of Primary Markets at South Africa’s Johannesburg Stock Exchange, let out Africa will be a stunning terminus for international investors searching for green projects if their capital markets issue joint environmentally familiar debt instruments.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent