Africa must have a holistic approach to climate resilience beyond adaptation finance, regardless of foreign contributions, experts said at a session titled ‘Adaptation finance for nationally determined contributions (CDN) â. The session, held Monday on the sidelines of COP26 in Glasgow, was devoted to the implementation of NDCs in East Africa.
The African Development Bank, German policy think tank Konrad Adenauer Stiftung and the United Nations Economic Commission for Africa (UNECA) jointly hosted the event.
In his opening remarks, Anthony Nyong, Africa director of the Global Center for Adaptation, said funding was not the only requirement for implementing nationally determined contributions in Africa. âIt takes a lot more than money to implement NDCs,â he said, noting that âwe need a revolution in knowledge, proper planning and financeâ.
Nyong added that Africans cannot implement NDCs without recognizing them as a development challenge. âWe are full of adaptation solutions; what we need is scale and speed. These solutions will be driven largely by the private sector and, armed with this knowledge, we will increase the implementation of NDCs through the private sector, âhe said.
Jean-Paul Adam, director of climate change and natural resources at ECA, said there was a need to think about innovations that allow Africans to mobilize finance, whether or not they have access to the $ 100 billion pledged by rich countries for climate action. Funding was due from 2020 but this date was postponed to 2023 at COP26.
“We need to empower African countries so that they can make a difference on their own and can use different instruments to raise additional funding, recognizing that the Covid-19 pandemic has had a huge impact on tax revenues African countries, âsaid Adam.
“We also need to look at ways in which the private sector can be engaged, one of the main areas being to facilitate the issuance of green bonds on the continent,” he said, noting that Africa represents currently less than 1% of global green debt. bond issues.
Olufunso Somorin, Senior Regional Manager, Climate Change and Green Growth at the African Development Bank in East Africa, underscored the need for broader financing for adaptation outside of concessional loans and grants. These, he said, would include private sector equity investments or blended finance, using grants and equity, among others.
In defending the national framework for adaptation finance, Somorin noted that most reports on adaptation finance underestimate the role of domestic resources. “We need a funding framework that can capture this clearly,” he said.
The financial framework, he said, should also include a very clear national cost register and detailed on projects, benefits, potential revenues and other details that any private sector investor can use to identify the costs. areas likely to interest him.
Somorin said the launch of the funding framework will vary from country to country, depending on existing policies. Some countries may have the national framework nested within an existing fund; others may require new institutional arrangements and some capacity building to implement the fund, he noted.
According to Anja Berretta, Africa Director for Energy and Climate Change at the Konrad Adenauer Stiftung, the implementation of NDCs is a national task although it is discussed at the global level.
She underscored the need to raise awareness of the difference between mitigation and adaptation in climate finance. âPolitical dialogue is important to raise awareness that adaptation is crucial for countries,â she said.
The session aimed to advocate for the mobilization of domestic resources to drive global adaptation finance in East Africa and build adequate resilience to climate change.