Climate Change Financing in Africa-Possible Principles and Mechanisms for Public Policy
Ndum Victor Etim, Edem Ebong, Henshaw Vera Ene
Financing, Climate Change, mechanism, Africa
Finance plays a critical role in the international climate change debate. There has been a general convergence in cost estimations, roughly around $150 billion per annum for mitigation and adaptation in the developing world. It is clear that existing funding initiatives, both public and private, are painfully inadequate to meet the needs for the future. The paper outlines and assesses options for a future financial mechanism based on key priorities for Africa and the political realities facing the negotiation process. This paper anchors on the idea that it is essential for African negotiators to balance the desire for strong normative principles with what is likely to be practical and realistic. Emphasis is laid on the need for adequate financing of climate change adaptation and mitigation in Africa. Effort is made to examine the basic principles surrounding climate change financing in Africa. The paper then delves into a review of the existing mechanisms for financing climate change in Africa. However ,the paper recommends that pressure should be put on developed countries to honour their commitments within the Convention to meet the costs, there should be reconsideration of more proactive options concerning governance , raising revenue and the disbursement of fund mechanisms for Africa ,building domestic response capacity in order to use current and future funds effectively and Creating new institutional arrangements, including funds as well as making more meaningful use of the current arrangements.