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Financing Climate-Resilient Infrastructure in Africa

Gracelin Baskaran (Brookings Africa Growth Initiative), Amara Ekeruche (Centre for the Study of the Economies of Africa), Chris Heitzig (Brookings Africa Growth Initiative), Aloysius Uche Ordu (SAfrica Growth Initiative, Brookings Institution), Lemma W. Senbet (African Economic Research Consortium (AERC))
This Policy Brief was first published in https://t20ind.org

Abstract

Amidst rapidly escalating climate crises, there is an urgent need to enable African countries to remodel existing financial infrastructure with the aim of strengthening climate resilience and developing green infrastructure. As the world scrambles towards decarbonisation, the G20 nations, which represent the largest source of wealth, with 85 percent of global GDP, are well equipped to support vulnerable countries. This Policy Brief proposes three mechanisms whereby the G20 can support African countries: providing grant funding and technical assistance to the Programme for Infrastructure Development for Africa (PIDA) to increase the number of high-quality bankable projects and mobilise financiers; strengthening the coordination of climate financing from the G20 countries to the continent; and unlocking financial technology and entrepreneurship to mobilise financing for bankable projects. This Brief further recommends that the G20 should use its technical capacity, financial muscle, and convening power to put African countries on the path towards climate resilience.

Authors

Gracelin Baskaran (Brookings Africa Growth Initiative), Amara Ekeruche (Centre for the Study of the Economies of Africa), Chris Heitzig (Brookings Africa Growth Initiative), Aloysius Uche Ordu (SAfrica Growth Initiative, Brookings Institution), Lemma W. Senbet (African Economic Research Consortium (AERC))

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