Taking stock of hits & misses in unlocking climate financing in Africa

Africa has made significant progress in unlocking financing to drive climate action, with institutions like the African Risk Capacity Group (ARCT) playing a key role in this endeavor. In a recent interview with CNBC Africa, Ibrahima Chiekh Diong, Assistant Secretary General & DG of ARCT, highlighted the importance of African ownership and global solidarity in addressing climate finance challenges. Diong emphasized the need for accessible, available, and affordable funding to ensure effective implementation in Africa. Despite the strides made, there are still hurdles to overcome in directing appropriate financing towards impactful climate projects on the continent. As Africa continues to navigate the complexities of climate financing, there is a growing call for scaling up resources, empowering existing African institutions, and mainstreaming early warning systems to enhance preparedness and response to climate-related disasters. Diong commended the progress made by ARCT in protecting millions of people across Africa from disasters and emphasized the organization's commitment to demonstrating African solutions to African problems. He underscored the importance of honoring financial commitments made by the international community and advocated for a more streamlined and accessible approach to climate finance. Diong also highlighted the need for African countries to have a stronger voice in global climate discussions and for existing institutions like ARCT to be empowered to lead the charge. Looking ahead, Diong outlined the importance of leveraging existing climate finance mechanisms like the Green Climate Fund (GCF) and designing new instruments, such as the Loss and Damage Fund, to meet Africa's specific needs. He stressed the importance of demand-driven funding and the role of African stakeholders in shaping the allocation of resources to achieve maximum impact. As the world gears up for the next Conference of the Parties (COP), the focus remains on expanding climate finance opportunities, strengthening African resilience, and amplifying the continent's voice on the global stage. In reflecting on his career at ARCT, Diong expressed his commitment to the mission of promoting climate justice in Africa and ensuring the continent's development and resilience. He highlighted the importance of continuity and institutional strength, noting that while leaders may change, the mission of addressing climate challenges remains constant. Diong's dedication to advocating for Africa's environmental rights and contributing to the fight against climate change underscores the ongoing commitment to protecting vulnerable populations and building a sustainable future for the continent.