Climate Bonds Initiative reported in its latest report published on April 22, 2022, that Africa has only secured USD 405 million in green funding (green bond issuance) in 2021.

While Africa is one of the most vulnerable regions of the world to climate change, Climate Bonds Initiative finds that countries do not have significant access to the green finance market. This creates a lack of investment to fight climate change. The report highlights that Covid-19 has had a huge impact on Africa, affecting supply chains and commodity prices. Similarly, banks would have focused on managing unpaid COVID-19-related loans. The next COP 27, scheduled for Egypt, should be an opportunity for the continent to diagnose its problems and apply for the necessary green funding.