Understanding the Market for Adaptation Investment in Africa - Adaptation Finance Window for Africa Market Consultations Report
- World Climate Foundation
- Oct 15
- 1 min read
From July to September 2025, a market sounding exercise was conducted to inform the design of the Adaptation Finance Window for Africa (AFWA), a new initiative that aims to catalyse private investment in adaptation and resilience across Africa led by the Investment Mobilisation Collaboration Alliance (IMCA).
The effort aimed to ensure that AFWA’s design is grounded in real market perspectives and reflects the conditions needed to attract private capital at scale, converting evidence into practical approaches for financing adaptation and resilience across the continent. The exercise engaged fund managers, investors, and platforms active in climate and development finance to better understand how private capital is currently approaching adaptation and what barriers or opportunities exist to scale it.
While findings indicate an emerging market with clear momentum and strong growth potential, they also show concentrated activity in certain sectors and nuanced considerations for where and how catalytic capital can most effectively be deployed.
IMCA is a Nordic-led partnership that brings together donors and development partners to mobilise private investment for climate and development priorities in emerging markets. This market sounding was conducted by Magnitude Global Finance on behalf of IMCA. The process was implemented in collaboration with the World Climate Foundation, which serves as IMCA’s Secretariat, and with support from the ClimateWorks Foundation. Magnitude led the design and delivery of the exercise, engaging directly with fund managers and investors across Africa’s climate and development finance landscape.
