Dr Mahmoud Mohieldin, UN Climate Change High- Level Champion for Egypt and UN Special Envoy on Financing 2030 Agenda for Sustainable Development said action for adaptation has been hitherto neglected and therefore underfunded, Mohieldin said in his speech to a virtual conference organised by the United Nations Conference on Trade and Development (UNCTAD).
Adaptation is important for developing economies in general and for Africa in particular, Mohieldin added.
According to the report by the Climate Policy Initiative, Africa needs $2.8 trillion between 2020 and 2030, averaging $277 billion annually.
Africa currently receives approximately $29.5 billion annually, of which $14.6 billion are for mitigation and about $11.4 billion are for adaptation, the climate champion said.
The amount allocated for adaptation should be multiplied sixfold to $62 billion, he added.
Mohieldin referred to the dependence on state budgets for climate finance, either by mobilising domestic resources or by borrowing.
Some countries are more vulnerable than others and need to spend at least 20 per cent of their gross domestic product (GDP), he said.
According to Mohieldin, 97 per cent of adaptation funding in Africa comes from public sources, and only 3 per cent comes from the private sector.
Mohieldin highlighted opportunities for public-private partnerships, especially in the context of the nexus between water, food, energy and basic infrastructure.
More public financing and soft resources must be mobilised for adaptation and strengthening the role of the private sector, he said.
Mohieldin concluded by emphasising the need to renew or increase capital of the multilateral development banks and the replenishment of the Green Climate Fund, which must take into account how to finance future needs, particularly with regard to technical assistance and capacity development.
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