Climate Finance Fundamentals 7: Climate Finance Regional Briefing - Sub-Saharan Africa

Sub-Saharan Africa (SSA) is the region least responsible for global climate change and most vulnerable to its impacts. A multitude of actors are involved in directing climate finance to the region, both to support low-carbon development and to help countries adapt to the severe impacts that are already being felt. The Green Climate Fund (GCF), in 2023 and now in its second replenishment period (GCF-2), continues as the largest multilateral climate fund contributing to the region, followed by the Least Developed Countries Fund (LDCF), the Global Environment Facility (GEF) Trust Fund and the World Bank-administered Clean Technology Fund (CTF). For the funds tracked, Climate Funds Update (CFU) data indicates that USD 8.5 billion has been approved for 1,022 projects and programmes throughout SSA since 2003. Just over a third, or 38% of the approved funding from these multilateral climate funds has been provided for adaptation measures. Grant financing continues to play a crucial role in ensuring that climate actions secure multiple, people-centred and gender-responsive benefits for the most vulnerable countries and population groups. Recent IPCC findings suggest that public grants for mitigation and adaptation funding in SSA are cost-effective and have high social returns, including for access to basic energy (IPCC, 2022a).