Western philanthropies have committed to put up $10mn in fresh funds to help the World Bank and African Development Bank accelerate investment in green energy in Africa, as positioning begins ahead of climate finance talks on the sidelines of the UN general assembly in New York next week.
Bringing power to just half of this number would take $90bn to tackle. African governments will collectively pay close to $90bn alone to service debt in 2024, according to analysis by ONE. About two-thirds of the countries eligible to borrow from a World Bank fund for low-income countries, known as the International Development Association , are already in debt distress or at high-risk of debt distress.
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