Climate finance technical and policy notes

This study analyses the gaps in climate finance in the West African Economic and Monetary Union, a region among the most exposed to climate impacts, and sets out the policy implications of action. Countries in the West African Economic and Monetary Union (WAEMU) - which include Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo - remain among the most exposed nations to climate change impacts. They are also among the lowest emitters globally. Significant investments in climate adaptation and mitigation measures are needed to overcome this structural inequality and to balance the funding required by WAEMU countries with the volumes available and accessible.

The report processed climate finance data available via national, regional and international databases. It found that:

• WAEMU countries cover landscapes that are some of the most exposed to global warming while contributing only 0.54% to global emissions;
• WAEMU’s climate finance needs amount to $7.9 billion annually, representing 35.5% of West Africa’s needs and 3.2% across the continent;
• Climate finance flows to the WAEMU region stood at only $3.5 billion in 2020, leaving a wide gap that needs to be filled;
• It is crucial to have a common understanding of adequate climate finance due to the diversity of stakeholders, development finance communities, recipient countries, visions, strategies, priorities and development agendas, plus financial tools and instruments.