Central and East African countries have the largest climate investment gaps as a percentage of GDP: 26% and 23% on average, respectively. North African countries have the lowest climate investment gaps (3% of GDP), but the need for climate finance in these countries still exceeds flows by three to six times. Beyond IMF FinancingIn this new climate reality, African countries need substantial and diversified funding to continue their economic development process. “Climate Change and Select Financial Instruments: An Overview of Opportunities and Challenges for Sub-Saharan Africa,” IMF Staff Climate Note 2022/009, International Monetary Fund, Washington, DC. The post How the IMF RST and Innovative Climate Finance Can Serve Africa appeared first on African Media Agency.

Source: The North Africa Journal July 20, 2023 15:55 UTC