Business editor, The Africa Report
COP27: How can climate finance expand electricity access in Africa?
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Of the $632 billion in annual climate finance available worldwide in 2019-2020, only 3% was directed towards sub-Saharan Africa. As Africa accounts for 70% of the world’s population without access to electricity in 2022, the region urgently needs climate financing to decarbonise and bridge its energy gap. The latest report by the AFRICA CEO FORUM and PHILAE ADVISORY* highlights two priorities that must be put back on the agenda at the upcoming COP27 in Egypt: mobilising private resources for the energy transition, and structuring a bona fide global carbon credit market. How can the continent’s interests be best protected at the upcoming COP?
- What role can international institutions play in mobilising private finance?
- Price floors, certification, regulated vs. voluntary markets: How can we maximise the potential of carbon credits?
- What commitments is Africa ready to make at COP27?
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