GEAPP Chairman speaks on the future of climate finance

Africa faces a significant challenge in securing the necessary financing for climate initiatives and projects. Ravi Venkatesan, Chairman of the Global Energy Alliance for People and Planet (GEAPP), recently discussed the critical future of climate financing in Africa in an exclusive interview with CNBC Africa. With the continent needing an estimated 2.8 trillion U.S. dollars by 2030 for climate finance, Venkatesan outlined the key hurdles and potential solutions. One major issue highlighted was the disparity in financing distribution between developed and developing countries, with a minimal amount reaching Africa. However, recent initiatives like Mission 300, a collaboration between the World Bank and the African Development Bank, aim to electrify 300 million Africans by 2030 with a pledged $30 billion investment. Venkatesan emphasized the importance of developing an investable project pipeline, building capable ecosystems for project implementation, and leveraging innovative financing mechanisms to attract both public and private investments. While Africa has historically received a smaller share of climate finance compared to other regions, Venkatesan pointed to successful models in countries like India, where philanthropic capital unlocked significant funds for renewable energy projects. The interview also touched upon the potential for South-South collaboration, highlighting the importance of sharing innovations, policy successes, and procurement strategies to drive sustainable development and localized manufacturing in Africa. Venkatesan underscored the need for Africa to replicate India's success in domestic manufacturing and leverage government incentives to boost renewable energy production on the continent. As discussions around climate finance continue to gain momentum ahead of COP29, the call for enhanced collaboration and innovative financing solutions remains crucial for unlocking Africa's potential in the fight against climate change.