Climate finance challenges and opportunities in Africa: Insights from the first online roundtable

The Parliamentarians for Climate Finance launched its first online roundtable, setting the stage for a series of discussions aimed at strengthening the role of legislators in mobilising and directing climate finance. In collaboration with the United Nations Industrial Development Organisation (UNIDO) and with support from the Green Climate Fund (GCF), the Climate Parliament is working across 15 sub-Saharan African countries to create the right conditions for green investment and accelerate the move to green energy.  Jeremy Dan, Head of Strategy and Policy at the Development Bank of Nigeria, delivered a keynote presentation on the continent’s pressing climate challenges. He highlighted the disproportionate impact of climate change in Africa, where adaptation is critical but underfunded. Jeremy noted that while Africa contributes minimally to global emissions, it receives just 3% of global climate finance. 

Jeremy outlined the economic and security risks of climate inaction, citing examples such as Nigeria’s flooding and the herders’ crisis. The discussion also addressed the need for strong institutions to attract funding, and the potential of innovative mechanisms to de-risk lending and scale private sector involvement.  In Nigeria, the annual climate finance gap stands at $30 billion, far exceeding the capacity of the country’s Development Finance Institution. To help bridge this gap, Jeremy’s team is strategically using limited resources to catalyse and mobilise support from commercial banks. 

Nigeria has adopted a net-zero energy transition strategy and established the National Council on Climate Change to oversee and regulate climate action. In parallel, his team has developed a green finance strategy and launched several key initiatives, including an executive roundtable with bank CEOs and a national sustainability strategy. They have also introduced climate-focused financial products and secured funding for project preparation and technical assistance. 

Our Secretary-General, Sergio Missana, noted the gap between the trillions needed for a just transition, with billions promised but only millions currently committed. 

Next Steps 

The session concluded with a clear roadmap for continued engagement under the Parliamentarians for Climate Finance project: 

• 20+ online roundtables to be hosted over the next two years, covering a range of climate finance topics. 

• In-person green investment dialogues at national, regional, and international levels. 

• Develop parliamentary toolkit, including policy briefs tailored to climate finance. 

• Green budgeting debates to be initiated in national parliaments. 

• Collaboration between MPs and national development banks to act as bridges between commercial banks and government. 

• Exploration of funding opportunities to scale up local capacity building for legislators on climate change issues. 

This roundtable is part of an ambitious and collaborative effort to embed climate finance at the heart of parliamentary action, helping to unlock investments and drive meaningful progress in climate adaptation and mitigation. Further updates on the programme’s progress, outputs, and outcomes will be shared as activities deveop