Mauritius Requires $264 Million/Year for Climate Finance 

Mauritius, ranked 106 out of 193 countries most vulnerable to climate-related disasters, is facing challenges posed by climate change, including beach erosion of up to 20 meters in some areas.

This could result in the loss of half of the country’s beaches within the next 50 years and a potential revenue loss of $50 million by 2050 due to its impact on tourist arrivals.

To combat these risks, the government has set ambitious goals, including a 40% reduction in greenhouse gas emissions by 2030.

However, achieving these goals will require funding of around $6.5 billion, with the government and private sector providing 35% of the funding while the remaining 65%, amounting to $4.3 billion, needs to be secured from external sources by 2030.

This translates to an annual funding requirement of $264 million. Mauritius, being one of the few Sub-Saharan African countries with an “Investment Grade” status, faces challenges in accessing funds from international markets.

However, the government plans to issue sustainable bonds in the future, allocating the funds to specific areas to achieve its goals and inspire confidence among funders. 

Source: Defi Media