Africa Economy & Business Energy & Environment Fiscal and Structural Reform
Report December 5, 2023

How green banking can unlock climate solutions in Africa

By Jean-Paul Mvogo

Africa is home to considerable reserves of critical minerals, which are essential for the production of electric batteries and other sectors that will be at the heart of the transition to a low-carbon economy. In order to succeed in this transition to a green and inclusive economy, Africa must ramp up its green banking ecosystems and mobilize resources needed to finance climate mitigation and adaptation while also addressing deforestation, pollution and biodiversity loss. Concessional financing and rapid reforms are critical to create green banking ecosystems which are capable of channeling private investment to Africa.

In this report, Jean-Paul Mvogo explains how green banking ecosystems can better finance green development. Stakeholders must prioritize three pillars: increasing green public financial resources, mobilizing more private financing, and creating buoyant green banking ecosystems. 

About the author

Jean-Paul Mvogo is a nonresident senior fellow with the Atlantic Council’s Africa Center. He has been working as an economist for almost twenty years for major development partners (IMF, UNDP) or private actors on projects aimed at promoting the emergence of strong financial, Tech and entrepreneurial ecosystems in Africa.

The Africa Center works to promote dynamic geopolitical partnerships with African states and to redirect US and European policy priorities toward strengthening security and bolstering economic growth and prosperity on the continent.

Image: Lake Kivu is seen in the Democratic Republic of Congo, November 25, 2016. REUTERS/Therese Di Campo