The world is congregating in Paris for CoP21 with objective to securing a new climate deal. This is expected to provide the much needed framework for actualizing the 2030 Agenda on Sustainable Development adopted by world leaders just 3 months ago. This event comes just in time following the launch of the 2015 Emissions Gap Report which concludes that the INDC pledges by countries are far from enough and put the world on track for warming of around 3-3.50C by 2100 despite the global target for a below 20C scenario.
The implication is Africa’s adaptation costs could soar to $50 – 100 billion by 2050. How funds will be raised to ensure adaptation as well as keep temperatures from rising to dangerous levels is critical to the realization of the Agenda 2030 in Africa and beyond. Notwithstanding that international climate financing is expected to be among key items to be addressed by the Paris deal, there is consensus in the global community that financing development and especially the 2030 Agenda for sustainable development will require trillions of dollars, and public financing alone is inadequate. Continentally, this consensus is captured in a number of continental blue prints including the key AU Agenda 2063, and recent AMCEN Cairo declaration and the 2015 second Africa Adaptation Gap report (AAGR2).