African ambitions must be backed by climate smart investment
In addition to strong partnerships between local and national governments, African cities and regions need strong financial frameworks that enable investment and reduce private sector risks in order to fund climate action, noted H.E. Barnabé Z. Dassigli, Benin’s Minister of Urban Development.
‘We know public funds are insufficient,’ he elaborated. African nations need an attractive environment for investment, and decentralization is part and parcel of this. Better cooperation between the local level and financial institutions including development banks is needed to mobilize funds and build local financial and technical capacities. A diversification of funding sources is also important, along with stronger NDC partnerships.