Unless African leaders secure fairer climate finance models at COP30, the continent risks repeating a familiar cycle of borrowing heavily for climate action while sacrificing investments in health, education, and social protection.
This was the caution from Nafi Quarshie, Africa Director of the Natural Resource Governance Institute (NRGI), who said that current funding models are heavily skewed toward loans that pile on debt rather than providing African governments the fiscal space to invest in people and services.
A Call for Alternative Financing Models
Madam Quarshie stressed that innovative and fair financing tools exist and must be pursued. She highlighted solidarity levies such as aviation taxes and green industrialization strategies that focus on processing Africa’s abundant natural resources as ways to generate sustainable financing without worsening debt.
“Finance must fuel resilience, jobs, and opportunity rather than new burdens. At the same time, richer countries and international partners must step up with finance at the scale required,” she added.
Relating the Debate to Ghana’s Context
In Ghana, the need for affordable climate finance is particularly urgent. With debt servicing already consuming a significant share of national revenue, resources for climate adaptation projects remain limited. Critical initiatives such as flood protection infrastructure, renewable energy expansion, and food system resilience struggle to secure adequate funding.
Rising energy costs and growing climate-related food insecurity highlight the urgency of affordable financing tailored to Ghana’s unique development and resilience needs. Experts warn that without access to grants, concessional loans, or innovative mechanisms tied to carbon markets and natural resource processing, Ghana’s climate ambitions could stall.
Civil society organizations have also called for transparency and accountability in how such funds are used, ensuring that vulnerable communities benefit directly from climate interventions rather than being sidelined.
The Bigger Picture
Across the continent, Africa contributes less than 4 percent of global greenhouse gas emissions yet suffers disproportionately from climate impacts, including prolonged droughts, floods, and rising food insecurity. With COP30 approaching, African leaders are uniting around the principle of climate justice and fair financing as key demands in the global negotiations.
For NRGI Africa Director, the stakes could not be higher: “Africa must not only be at the table but must also ensure that the financing deals struck are designed around the continent’s realities. Otherwise, the transition risks being neither just nor sustainable.”
