More money is going to African climate startups, but a huge funding gap remains

By CARLOS MUREITHI
Associated Press

NAIROBI, Kenya (AP) — African climate-tech startups are increasingly raising money from private sources, but while those funds for climate solutions are growing, a huge gap remains in meeting the actual financial needs for climate action in Africa. Africa requires an estimated $277 billion annually to implement its climate goals. Experts say to unlock more financing, African countries need to address risks such as currency instability that reduce investor appetite, while investors need to expand their scope of interest to more climate sectors outside of clean energy projects and diversify and blend funding instruments.