Nairobi hosted the first Climate Change Global Business Summit on Africa with the aim of increasing climate funding in the region. As it stands, Africa only receives 10% of the funding necessary to combat climate change, highlighting a significant finance gap for mitigation and adaptation. Barriers to accessing climate finance include high interest rates and risks associated with green projects. Talking to Capital Business, Winnie Chepkemoi Mutai, the climate finance specialist for the African Development Bank, says that Africa needs to attract more investment from the private sector to bridge the financing gap, as well as strengthening the role of multilateral finance institutions in encouraging green investments.
