CLIMATE FINANCE AND SUSTAINABLE DEVELOPMENT IN SUB – SAHARAN AFRICA
Abstract
The effect of climate-related finance on sustainable development has, in recent years, become a
hotly debated issue in sustainable and green finance. Sub-Sahara Africa countries, in particular,
have, since the last decade been bedeviled with adverse environmental conditions such as climate
change, deforestation, pollution, pandemics and carbon emission, among others. This study
therefore examined how climate finance initiatives affected sustainable development in the region
from 2014 to 2023.
The study examined the effect of four climate-related finance initiatives, namely, renewable
energy fund (REF), environmental facility fund (EFF), green bond issues (GBI) and climate
investment fund (CIF) on sustainable development from two perspectives, life expectancy (LEX)
and carbon emission (CEM). It used descriptive statistics, correlation, the Generalized Method of
Moments (GMM) and Granger causality test to answer the research questions under two different
models as dictated by the perspectives from which sustainable development was examined.
On the effect of climate finance on life expectancy, it was found that only REF has a statistically
significant positive effect (coefficient = 0.355747, p=0.007
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