CAPE TOWN – Africa is taking control of its climate future. Unable to count on foreign aid and traditional development finance to meet its needs, the continent is mobilizing investment using new models that integrate climate initiatives with development objectives. This is not a matter merely of repackaging old approaches; it represents a fundamental change in how climate action is designed and delivered across Africa.

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When climate finance first emerged in the 1990s, it was shaped by the principles of responsibility and assistance, with developed economies expected to support their developing-country counterparts through financial transfers. Early climate finance was oriented largely toward mitigation and structured through project-based mechanisms that reflected donor priorities rather than recipient needs.

The Clean Development Mechanism, established under the 1997 Kyoto Protocol, exemplified this approach. The CDM allowed industrialized countries to invest in projects that reduced emissions in developing economies instead of pursuing more expensive emissions reductions at home, regardless of whether the........

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