Unlocking Climate Finance: African Governors Discuss Urgent Need for Innovation and Partnership with World Bank

In a meeting with Ajay Banga, President of the World Bank Group, African governors discussed crucial topics such as public debt, financing energy projects, private sector involvement, and climate finance. Rania Al-Mashat, Minister of International Cooperation in Egypt, emphasized the importance of climate finance for Africa and called for the Bank to explore innovative tools to mobilize more climate finance, especially through the Private Sector Investments Laboratory.

During the meeting, the Minister highlighted the urgency of activating the Loss and Damage Fund and providing technical assistance to help countries assess climate risks. The African Group also appreciated the Bank’s efforts to double financing for renewable energy and expressed readiness to discuss policies to attract more private financing.

The Minister further stressed the need for the Bank to focus on mitigating the effects of climate change by increasing adaptation financing and strengthening the use of private sector financing for mitigation activities. She emphasized that Africa is seeking about $277 billion in climate financing from the World Bank Group and that investment in renewable energy, support for carbon markets, and assistance for countries in developing and implementing climate action plans are critical.

Overall, the Minister emphasized that Africa is looking for the Bank to play a crucial role in advancing development on the continent and addressing the challenges faced by developing countries.