Transformational Innovation for Financing Climate Change in Africa

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Research Paper (postgraduate) from the year 2022 in the subject Politics - Topic: International development, , language: English,...

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Research Paper (postgraduate) from the year 2022 in the subject Politics - Topic: International development, , language: English, abstract: This study will focus on the existing funding mechanisms for climate finance, with an emphasis on the Green Climate Fund (GCF). It then explores other innovative strategies for generating climate finance within Africa and the importance of complementary finance is identified as the basis for a major transformational innovation. Many of world's most exposed countries to climate change are in Africa, so the focus is on Nigeria. This is because the country's international obligations towards climate change and its mechanisms for compliance are interestingly complicated. Significant financial resources are required to drive the reduction of greenhouse emissions and adaptation to the adverse effects of climate change. Mobilized from public, private or alternative sources, Climate finance can be defined as the local, national or transnational funding set up to address climate change. However, the solution may not be in the finance, but in the innovation so this notion has laid the groundwork for this paper.