Left Behind: Funding Climate Action in the Global South

Abstract

Global clean energy transition envisions zero greenhouse gas emissions by 2050, as set by the United Nations. Consequentially, developed economies have made giant strides in reducing greenhouse gas emissions and achieving full decarbonization. However, the opposite remains true in the Global South, lagging in financing its climate action. Despite being disproportionately impacted by climate change, financial efforts by developed economies and the Global South have failed in placing the latter’s countries at par with clean energy investments of developed countries. Absent adequate financing of climate action in the Global South, the net zero goal will be nothing but a mirage. This Article contends that financial incapacity to finance climate change has left the Global South behind in the global energy transition movement and, if left unchecked, will sabotage global energy transition efforts. Using Africa as a case study, this Article explores the need to develop realistic financing options for global energy transition in the region. This Article recognizes that financing climate change is expensive and much more strenuous on African economies that barely have the fiscal infrastructure to finance the transition. It unpacks the extant climate financing avenues and the inherent challenges in attracting climate finance in Africa and argues for improvements.