Africa is one of the most affected regions by climate change, and its current and historical greenhouse gas emissions are minuscule at a global scale. However, the region received only 20% of international adaptation finance flows (USD 13 billion) annually in 2021–2022. This is less than half of the finance going to the East Asia and Pacific region, which received about 45% of global adaptation finance flows. This concern in the slow flow of climate finance to African countries compared to the rest of developing countries is preventing countries from embarking on low-carbon and climate-resilient development.
Across Africa, there has been a realization that the current climate financing models are not working for Africa and a bold call for their transformation. This call is largely motivated by the glaring lapses in accountability for several funded projects and the inability to meet expected accountability standards, coupled with weak oversight mechanisms. With several multilateral funds now in their second decade of existence, it is disturbing that there has not been bold intent to develop independent and strong oversight mechanisms beyond those provided under multilateralism, which is not only deficient but also weak in design.
With substantial funding being channelled through a few large multilateral entities, accountability remains remote to many projects as power inequalities take centre stage. This perpetuates a cycle of global inequality and marginalization of locally developed solutions and not only undermines the principles of equity and inclusivity but also limits the capacity of grassroots initiatives and community-led projects to address climate challenges effectively. Conspicuously missing are clear frameworks for the engagement of communities and civil societies and gaps in accountability expectations on the part of the National Designated Authorities on the way they should engage with the communities. The Power asymmetry that characterizes consultations among key stakeholders in many projects including remotely placed powerful corporates, and government entities makes it impossible for CSOs and even governments to engage institutions that are grantees for funds under multilateral systems.
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