The information was published on August 03, 2023, by the African Development Bank in a report entitled “Central African Economic Outlook 2023”.

Serge Nguessan, Managing Director of the African Development Bank, Central Africa Region, stressed that the aim of the report is “to provide decision-makers and populations with useful information and data to inform policy options and decisions in the region. The report will also help prepare for COP28, which will be held in Dubai in November and December 2023”.

Central Africa needs around $128 billion between 2020 and 2030 to implement adaptation and mitigation measures and cope with the impacts of climate change, i.e. at least $11.6 billion per year between 2020 and 2030. This amount would make it possible to meet the needs for green growth and sustainable development.

Given the climate finance gap faced by Central African countries, a rapid increase in financial flows is needed to meet the need for climate action.

To attract private sector finance, Central African countries should commit to implementing innovative financing instruments. Governments in the region should target private climate finance to low-risk, high-return sectors to attract investors. Access to capital must also be ensured for SMEs, especially those owned by women and young people.

To attract private finance, Central African countries are recommended to commit to implementing innovative financial instruments. Governments in the region should target private climate finance to low-risk, high-return sectors to attract investors. There is also a need to ensure access to capital for small and medium-sized enterprises, especially those owned by women and young people.