occasional-paper-320-gilder-rumble-ccfc9250ac98f48c.pdf

This research paper examines the impact of the COVID-19 pandemic on climate finance, specifically focusing on African perspectives and the implications for the COP26 negotiations in Glasgow. It analyzes the tension between pandemic-driven economic stimulus and climate goals, the persistent gap in adaptation finance, and the challenges of defining 'climate finance' to ensure accountability for the $100 billion annual pledge made by developed countries.

• There is a significant lack of consensus on the operational definition of climate finance, which hinders accountability and transparency. While the UNFCCC provides a definition, groups like the African Group of Negotiators (AGN) and Oxfam argue that private and non-grant finance, as well as revenue-generating loans and green bonds, should be excluded from the count of climate finance.
• The $100 billion annual climate finance target pledged by developed countries for 2020 is highly contested. The Independent Expert Group on Climate Finance suggests it was almost certainly not achieved, while Oxfam indicates it may have been met but expresses concerns over the process.
• COVID-19 has placed immense pressure on the financial stability of developing countries, particularly in Africa, where mounting debt, falling commodity prices, and capital outflows are prevalent. This makes debt forgiveness a primary economic priority for these nations in 2021.
• While the pandemic offered an opportunity for 'green recoveries,' early stimulus packages frequently prioritized carbon-intensive sectors. The G20 committed approximately $208.73 billion to fossil fuel industries compared to $143.02 billion for clean energy since the start of the pandemic.
• Adaptation finance remains disproportionately low compared to mitigation finance, accounting for as little as 5% of total climate spend. Annual adaptation costs for developing countries are estimated at $70 billion, with a projected increase to $300 billion by 2030.
• African nations are attempting to coordinate green recovery through the African Green Stimulus Programme, adopted in January 2021. Additionally, the African Development Bank (AfDB) has established a $10 billion COVID-19 Response Facility and pledged $25 billion in climate finance for 2020–25.
• The UK, as co-host of COP26, has established a Private Finance Hub to mobilize private capital for a net-zero future. The goal is to ensure that all financial institutions have credible strategies to reach net zero carbon by 2050 and that climate risks are reflected in the pricing of assets.

APA

South African Institute of International Affairs (n.d.). occasional-paper-320-gilder-rumble-ccfc9250ac98f48c.pdf. https://saiia.org.za/wp-content/uploads/2021/05/Occasional-Paper-320-gilder-rumble.pdf

Chicago

South African Institute of International Affairs. occasional-paper-320-gilder-rumble-ccfc9250ac98f48c.pdf. n.d. https://saiia.org.za/wp-content/uploads/2021/05/Occasional-Paper-320-gilder-rumble.pdf.

Wikipedia

{{cite report |author=South African Institute of International Affairs |title=occasional-paper-320-gilder-rumble-ccfc9250ac98f48c.pdf |url=https://saiia.org.za/wp-content/uploads/2021/05/Occasional-Paper-320-gilder-rumble.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{southafricaninstituteofinternationalaffairsndoccasionalpaper320gilderrumbleccfc9250ac98f48cpdf, author = {{South African Institute of International Affairs}}, title = {{occasional-paper-320-gilder-rumble-ccfc9250ac98f48c.pdf}}, institution = {South African Institute of International Affairs}, url = {https://saiia.org.za/wp-content/uploads/2021/05/Occasional-Paper-320-gilder-rumble.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }