COP 27: Africa has $200bln worth of fundable climate projects – BCG

COP 27: Africa has $200bln worth of fundable climate projects – BCG

Boston Consulting Group (BCG), the exclusive consulting partner for COP27, has identified $600 billion worth of fundable climate projects out of which $200 billion are in Africa, a senior BCG official said.

Speaking at a media event on the side lines of the COP27 summit at Sharm El Sheik, Egypt, Adham Abouzied, the Cairo-based Managing Director and Partner at BCG said, “We worked with high level champions to identify $600 billion worth of projects that are specifically in the Global South and mostly deals with adaption and resilience (A&R)…..$200 billion out of those projects are in Africa. Some of them are existing, but today we have a model to take each project from concept to financeable stage.”

Wendy Woods, Vice Chair, Social Impact, Climate and Sustainability at BCG added that 40 percent of those projects have an A&R impact.

“They can be refined and implemented but we need to get that finance going.

Today we don’t even have a global goal on adaptation. A&R became front and centre at this COP. There was a real push on the types of projects and activities that are going to make a difference and is hoped to be decided next year in the UAE.”

She said about $300