Climate change is arguably one of the biggest challenges globally. In order for countries to meet the commitments of the Paris Agreement, climate investments need to be scaled up for adaptation and mitigation strategies. Green bonds are one of the most emerging climate finance mechanisms for large-scale climate projects and offer investment opportunities for many developing countries. Most developing countries are heavily reliant on climate funds which are insufficient. Hence, the urgent need to tap into emerging climate finances such as green bonds. Out of all the regions, Africa is expected to be the worst impacted by climate change and green bonds can contribute to the much needed climate finances. The growth of the green bond market has been observed in the economic hubs of the continent with countries such as Kenya, Nigeria and South Africa demonstrating huge potential in being active and contributing to the growth of the market. However, this paper recommends that for the green bond market to further expand in these countries and rest of the continent, there needs to be public-private partnerships fostered, integrated policies, political will as well as effective institutional frameworks.

One of the greatest challenges facing the global community is climate change. 1 Over many years, global leaders have embarked on various platforms in a concerted effort to combat climate change. 2 One of the key platforms has been the annual Conference of the Parties (COP)-a regular meeting in which climate negotiations and high-level political discussions have taken place. 2 In 2015, the 21st COP was the most important because 195 countries agreed to ensure that rising global temperatures do not exceed the safe zone of 1.5 °C, as it is forecasted that temperatures will continue beyond this value between 2030 and 2050 if no action is taken to combat climate change. 3 The parties further agreed that climate investments for countries are critical to make enormous transformational changes to reduce their greenhouse gases by scaling up climate adaptation and mitigation strategies. 3