World Bank urged to provide $277 billion to Africans for climate financing

Rania Al-Mashat, Minister of International Cooperation in Egypt, highlighted that African countries have requested approximately $277 billion in climate financing from the World Bank Group. She emphasized the importance of establishing a Loss and Damage Fund, investing in renewable energy, supporting carbon markets, and assisting countries in developing and implementing climate action plans. Al-Mashat urged the Bank to play a key role in mobilizing yearly financing to meet the needs of African countries for climate action and nationally determined contributions.

During a meeting between the African Governors and Ajay Banga, President of the World Bank Group, at the IMF and World Bank spring meetings in Washington, discussions focused on various pressing issues including public debt, energy project financing, private sector involvement, climate financing, and enhancing resources for the International Development Association. Al-Mashat emphasized the need for the Bank’s involvement in advancing development in Africa, highlighting the challenges faced by developing countries.

In her speech, Al-Mashat stressed the importance of climate finance for Africa and urged the Bank to explore innovative tools through the Private Sector Investments Laboratory to help countries mobilize more climate finance. She welcomed the establishment of the Loss and Damage Fund and called for its swift operation to provide technical assistance to countries in assessing and addressing climate risks. Al-Mashat also encouraged the Bank to increase the share of adaptation financing to 70% by 2030 and to leverage private sector financing for mitigation activities.

The Minister acknowledged the Bank’s efforts in doubling financing for renewable energy and expressed readiness to discuss policies to attract more private financing in this sector. She emphasized the African Group’s appreciation for the Bank’s initiatives and urged stronger collaboration to address the urgent climate challenges faced by the continent.