Despite bearing the brunt of a climate crisis it did not create, Africa is being held back by a financial system that has long failed to meet its needs. But instead of waiting for outside solutions, African institutions are laying the groundwork for a green transition that advances both development and climate resilience.
ABIDJAN – The Belém Package – the set of climate-finance and adaptation measures adopted at last year’s United Nations Climate Change Conference (COP30) in Brazil – was limited in scope. Still, by acknowledging that the world can no longer design climate solutions for Africa without meaningful African input, it marked a profound shift in policymaking.
Despite accounting for less than 4% of global greenhouse-gas emissions, Africa is bearing the brunt of the climate crisis. As a result, the continent has in recent years moved from the periphery of the climate-finance debate to the forefront. Much of the world now recognizes that Africa’s path to net-zero emissions must foster development, not constrain it. Rather than replicating old patterns of dependency, African countries must industrialize, trade, and grow while forging a low-carbon future.
The inaugural ESG report by the African Export-Import Bank (Afreximbank), released during COP30, reflects this shift. It finds that instead of waiting for external solutions, African institutions are already taking the necessary steps to support the continent’s economic development and climate ambitions.
