Green Finance for Women in Africa: Feminist Organizations Call for More Action

On the occasion of International Women's Day on March 8, 2024, committed women and feminist organizations are mobilizing to highlight the inadequacy of green finance for women in Africa. Despite women's growing leadership in sustainable development on a continent plagued by the effects of climate change, the lack of funding is jeopardizing their efforts.

Women, while more vulnerable to climate change, hold innovative ideas and essential leadership to combat this disruptive phenomenon. Exemplary African scientists, such as Lovasoa Rina Raharinaivo of Madagascar, Ange Cynthia Umuhire of Rwanda, Iveren Abiem of Nigeria, Farida Boube Dobi of Niger, and Mawulolo Yomo of Togo, have been recognized with prestigious awards for their innovative work in the environmental field.

However, ideas are not enough without adequate financial support. Debates organized on International Women's Day will highlight this crucial issue, focusing on strategies to accelerate green finance. According to the United Nations Environment Programme (UNEP), climate finance for women is insufficient, with adaptation financing needs in developing countries 10 to 18 times greater than international public finance flows.

The proposals of the global coalition "Rights and Resources" highlight the need to actively inform women about funding opportunities, to adapt funding taking into account gender specificities, and to ensure representation of women on internal committees of funders.

Despite the high representation of African women entrepreneurs, reaching 24%, they face major obstacles in terms of financing, particularly in accessing venture capital. Experts emphasize the importance of public-private partnerships with microfinance companies to facilitate access to credit, encourage vocational training, and promote financial education.

Initiatives such as the African Women's Finance Initiative (AFAWA) are showing tangible progress. AFAWA aims to close the estimated $42 billion financing gap for women in Africa by leveraging the African Development Bank's (AfDB) financial instruments. Funds have been provided to women entrepreneurs through financial institutions such as Fidelity Bank and Kenya Commercial Bank.

Although significant progress has been made, continued efforts are needed to ensure sustainable financing for African women engaged in the fight against climate change. The International Women's Day debates will highlight these challenges and encourage concrete actions to accelerate green finance for women in Africa.

Djamiou ABOUDOU