The 'Climate and Nature Finance Day 2024' held in Nairobi on 29^th May 2024 was a pivotal gathering, bringing together industry leaders and stakeholders to address the critical funding gaps in climate and nature-related initiatives. The meeting featured four key sessions: Nature Finance, Adaptation and Resilience Finance, Critical Minerals and the Just Energy Transition, and Innovative Climate Finance. Each session delved into different aspects of climate finance, emphasizing the urgent need for increased investment. The discussions highlighted a startling reality: at least nine times more climate finance is required in Africa to meet its Nationally Determined Contributions (NDCs) and 2030 goals. Currently, at USD 30 billion, the finance flows are only 11% of the USD 277 billion needed annually. This shortfall points to an urgent need for innovative solutions and greater private sector involvement.

Moreover, with private sector investments accounting for only 14% of total climate finance in Africa, countries like South Africa, Nigeria, Kenya, Morocco, and Egypt are leading by example, collectively accounting for 50% of the total tracked private finance. The meeting emphasized the need for a supportive environment that encourages more private sector participation and investments, especially from domestic sources, which currently raise only 18% of all climate finance—significantly lower than other regions.

Among the attendees were notable representatives from the private sector, including Ms. Mary Ngechu, Director of SMEs & Start-ups and Dr. Jackson Koimbori, Senior Circular Economy and Climate Change Coordinator both from KEPSA. Their participation underscored the private sector's growing recognition of the need to engage more actively in climate finance to achieve sustainable development goals. The stakeholders present pointed out that to bridge the substantial funding gap, Africa needs to leverage new financial instruments and partnerships. The meeting, organized and funded by Africa Development Bank, FSD Africa, Nature Finance, WRI Africa, KPMG, AB & David Africa, UK International Development, New Forests, and Regional Platforms for Climate Projects, provided a platform for sharing insights and forging new collaborations.

As the discussions concluded, it was clear that achieving Africa's climate goals requires a concerted effort from both the public and private sectors, driven by innovation, collaboration, and a shared commitment to sustainable development. For the private sector, the benefits are manifold: increased investment opportunities, potential for higher returns in emerging markets, and the chance to play a crucial role in driving sustainable economic growth. This meeting set the stage for enhanced private sector engagement, highlighting the potential for impactful investments and partnerships that can help bridge the climate finance gap in Africa.