Africa’s Access to Convention Funds High Level Side Event COP18, Doha, Qatar 03 December, 2012 African Development Bank

Key Messages 2 Financial resources required to combat climate change and grow greener economies in Africa are considerable. Despite recent improvements, Africa’s climate finance disbursement is not commensurate to its needs. Dedicated climate funds remain relatively small in global terms, particularly Funds under the Convention, but place more emphasis on Africa. The current paradigm of climate finance may sometimes fail to match Africa’s needs and has implications for the design of the GCF. The African Development Bank is committed to increasing Africa’s access to climate finance.

Climate Damages as % of GDP 3

Africa’s Exposure to “Runaway” Climate Change 4

The Global Finance Landscape 5 Source: Climate Policy Initiative, 2011

Mitigation Finance 6

Adaptation Finance 7

Africa’s Climate Finance Flows 8 Africa currently receives far less climate finance than it requires Source: CPI (2011), UNEP RISOE database and Vivid Economics/AfDB (2011) and (forthcoming)

12% of Disbursements for Africa in 4 years (Till 2010) Financial Commitments

Africa & GEF Adaptation Funds 10 Source: Climate Funds Update

Africa and the Adaptation Fund 11 Region Disbursement Asia and Pacific49.5 Europe and Central Asia8.25 Latin America and the Caribbean47.02 Middle East and North Africa19.42 Sub-Saharan Africa42.17 Source: Adaptation Fund

Africa’s Absorptive Capacity 12

Africa’s Adaptive Capacity 13

The Green Climate Fund could represent a watershed in the flow of climate finance to Africa, if it address the following concerns: ◦ Scaled-up to meet Africa’s needs; ◦ Respects country-ownership; ◦ Supports Direct Access by African countries; ◦ Recognizes the ‘urgent need’ in African states for adaptation, and builds adaptive capacities; ◦ Encourages direct access in what may become ‘the main global fund for climate change finance The Green Climate Fund 14

For information on how the African Development Bank is providing solutions for Changing Climate in Africa, please visit Thank you. 15