A new policy analysis by Harrison Rehoboth Consulting has disclosed that Africa will require an estimated $2.8 trillion by 2030 to tackle climate change and meet its commitments under the Paris Agreement.

According to the report, the continent needs $277 billion annually to fund climate adaptation and mitigation projects aimed at reducing the devastating impact of floods, droughts, desertification, and other environmental challenges threatening livelihoods across Africa.

The analysis warned that current financing flows remain far below the threshold, leaving crucial infrastructure and vulnerable communities exposed to worsening climate shocks.

Spokesperson for Harrison Rehoboth Consulting, Femi Sekoni, explained that the funding requirement is necessary to help African countries strengthen infrastructure, protect vulnerable communities, improve food security, expand renewable energy, and transition to cleaner and more sustainable economies.

Sekoni maintained that the estimates cited in the analysis, local institutions including banks, pension funds, insurance firms, and private investors contribute only about 10 percent of climate finance flowing into the continent, while international organizations and development partners account for the larger share.

The report, according to him, further revealed that climate financing across Africa remains unevenly distributed, with countries such as South Africa, Egypt, Nigeria, Morocco, and Kenya attracting a significant percentage of available funding due to stronger financial systems and investment structures.

The analysis also raised concerns over the structure of climate financing available to African countries, warning that a large portion of the funds comes in the form of loans rather than grants or concessional financing.

“Despite the growing climate crisis, Africa still depends heavily on foreign sources for climate financing, with domestic investors contributing only a small portion of the available funds,” Sekoni said.

He added that many African countries facing severe climate threats are unable to attract large-scale funding because of weak institutions, limited project preparation capacity, policy uncertainties, and concerns over investment risks.

The report noted that concerns over rising debt levels have continued to fuel global discussions around climate justice and the need for wealthier nations to provide more grant-based support to vulnerable countries facing the harsh effects of climate change.

It acknowledged efforts by institutions such as the African Development Bank and some African countries, including Rwanda, Kenya, Senegal, Egypt, and South Africa, to expand climate investment initiatives and develop financing frameworks capable of attracting private investors.

However, the consulting firm stressed that Africa’s climate finance gap cannot be closed through international promises alone, insisting that stronger domestic financial systems, improved governance, better project planning, and reforms in global financial institutions would be necessary to make climate funding more accessible across the continent.

The report called for increased concessional financing, improved collaboration between governments and private investors, and stronger policies that would encourage long-term investment in climate and infrastructure projects across Africa.