Kola Adesina details annual climate finance gap for Africa at UNGA

Kola Adesina, Group Managing Director of Sahara Power Enterprise Group, presented findings on Sub-Saharan Africa at a United Nations General Assembly roundtable on Sustainable Global Investment. Adesina stated that Africa requires approximately $277 billion annually to meet its climate commitments, but currently attracts only about $30 billion in climate finance. He noted that this funding gap is capable of undermining the continent’s development and resilience.

The findings highlighted that Sub-Saharan Africa faces a broader infrastructure deficit, with nearly 600 million people still lacking access to electricity. The annual infrastructure financing gap in the region is estimated to be between $68 billion and $108 billion. Adesina argued that sustained investment in energy, infrastructure, industry, and agriculture is critical for African economies to expand productive capacity.