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International climate finance mechanisms: A review with focus on Africa
1 Jack Welch College of Business, Department of Economics, Sacred Heart University, Fairfield, USA.
2 Department of Business Administration, Afe Babalola University, Ado-Ekiti.
3 Independent Researcher, Lagos, Nigeria.
4 Independent Researcher, United Kingdom.
5 PWC Lagos, Nigeria.
6 Dangote Sugar Refinery Plc, Nigeria.
7 Spacepointe Limited, River State, Nigeria.
Review
International Journal of Science and Research Archive, 2024, 11(01), 2365–2375.
Article DOI: 10.30574/ijsra.2024.11.1.0146
Publication history:
Received on 13 January 2024; revised on 20 February 2024; accepted on 22 February 2024
Abstract:
Climate change poses an unprecedented threat to the global environment, with far-reaching consequences for vulnerable regions, particularly in Africa. This paper provides a comprehensive review of international climate finance mechanisms, shedding light on their effectiveness in addressing climate-related challenges, with a specific focus on the African continent. As climate change continues to exacerbate existing vulnerabilities, understanding and optimizing the mechanisms through which financial support is channeled to affected regions becomes paramount. The paper explores a range of international climate finance mechanisms, including multilateral funds, bilateral agreements, and private sector initiatives. It assesses their strengths and weaknesses in terms of mobilizing resources, promoting sustainable development, and enhancing climate resilience. The analysis also delves into the evolving landscape of climate finance, considering the emerging role of innovative financial instruments and the potential for leveraging private sector investments to complement public funding. Focusing on Africa, the review examines the unique challenges faced by the continent, such as extreme weather events, water scarcity, and agricultural disruptions. It assesses the suitability and impact of existing climate finance mechanisms in addressing these challenges and supporting Africa's adaptation and mitigation efforts. The study also considers the effectiveness of capacity-building initiatives to enhance the ability of African nations to access and utilize climate finance resources efficiently. Furthermore, the paper highlights the need for enhanced transparency, accountability, and governance in the disbursement and utilization of climate finance in Africa. It emphasizes the importance of inclusive and participatory approaches that engage local communities and ensure that climate finance contributes to sustainable development goals while addressing the specific needs of the most vulnerable populations. This review provides a nuanced understanding of international climate finance mechanisms, offering insights into their application and impact in the context of Africa's unique climate challenges. By identifying opportunities for improvement and addressing existing gaps, the paper aims to contribute to the ongoing discourse on optimizing climate finance for a more resilient and sustainable future.
Keywords:
Climate finance; Climate Change; Finance; Africa; Review
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
