At present, administrative bottlenecks prevent that the rollout of renewables happens at a pace that is consistent with reaching climate neutrality by 2050 at the latest. Finally, governments should reinforce their efforts to deepen capital markets and create a green Capital Markets Union. ECB research has long shown that stock markets are more effective than banks in supporting the decarbonisation of the economy.
Though this is a welcome move, Africa must customize its sustainable finance vision to fit its own local circumstances.