Addressing climate change requires shifting from conventional or normal practices to low-carbon development pathway. This transition is complex and requires the implementation of ambitious projects to simultaneously meet the needs of people and address climate crisis. Among others, these projects include climate smart agriculture, renewable energy, waste management, sustainable cooling, afforestation and re-afforestation. They require investment to ensure they respond to the need of mitigating the climate change.

However, as climate change has already affecting the key sectors such as agriculture, water resource, health, water and land resource, it is imperative to consider investing also in climate change adaptation to ensure ecosystem services are maintained, despite the impact of climate change. Thus, increasing investment is crucial as it serves both mitigation and adaptation actions.

Why Climate finance for the developing countries?

The developing countries are still struggling to achieve their economic development while also confronting the effects of climate change, including loss and damage. Given that developed nations have historically contributed more to greenhouse gas emissions, it gives them responsibility to provide financial support for both mitigation and adaptation efforts in developing countries.

While developing countries have made substantial efforts, they have also highlighted the need for financial support to achieve their climate goals, often through conditional targets. For example, Rwanda’s commitment to the Paris Agreement will require $11 Billion, where 60% is expected to come from international funding.

The following are the key climate actions that need attention and urgency in being implemented and required the substantial climate finance investment.

Climate smart agriculture

With food security at risk, particularly in countries reliant on rainfed agriculture, the future of agriculture is uncertain. Agriculture is the backbone of many countries’ economy, and climate change threatens its sustainability. This lead many people in dangers, as for example over 70% of Africa’s workforce employed in this sector. To address this, climate smart agriculture must be implemented, to ensure both the increase of productivity and resilience are tackled simultaneously. But this practice requires significant investment coupled with technology transfer and capacity building support.

Renewable energy

Developing countries are making the efforts to increase their electrification, making renewable energy a vital solution. Renewable energy is not only environmentally beneficial but are also suitable for the low-income countries. These nations have vast of unexploited potential in sources such as hydropower, solar, wind and geothermal energy. Countries in sub-Saharan Africa have an estimated renewable energy potential of over 10,000 gigawatts, yet only a fraction of this is currently utilized. This create an opportunity to reduce reliance on fossil fuels by investing in renewable energy.

Waste management

As the urbanization is increasing their rate, it is imperative to ensure the waste management is responding to the need of climate. It is estimated that, by 2050 the global waste generation is excepted to increase by 70%, with most of this growth occurring in developing countries. Thus, managing the waste require implementing some of the high technology demanding including the landfill that can capture the methane gas and use it for electricity purpose. In addition, as the biodegradable waste which is the share a high percentage in the waste composition, can serve as composting in agriculture that can reduce the use of the fertilizers, that contribute to the greenhouse gases, emissions

Sustainable cooling

The cooling demand is increasing particularly in post-harvest scenario, as it is a climate sensitive issue. As setting the sustainable cooling solutions is still at an infant stage, it is a good opportunity for advancing the technology that reducing the fluorinated gases (a dangerous gas that has ability to warm the earth thousands of times more that carbon dioxide) and ensure climate resilience. With cooling demand projected to triple by 2050 investment in this area is critical for climate resilience and emissions reductions.

Afforestation and re-afforestation

As the forest is declining by over 10 million hectares per year, it is critical to reinforce the afforestation and re-afforestation along with protecting the existing forest from logging, fire, pest and other human interaction. Financing these efforts should be beyond the national interest, as forest provide global benefit. Therefore, deforestation and all harmful activities to forests must be avoided.

By investing in these critical areas, we can make significant impacts in addressing climate and turn discussions into tangible action and results.