NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Despite increasing interest in WASH (Water, Sanitation and Hygiene) from potential investors partially due to the significant focus on water and WASH at COP 28, mobilizing climate finance for the sector remains a tall order. According to the Climate Policy Initiative’s “Global Landscape of Climate Finance 2023,” only USD67 billion of the USD1.27 trillion spent on climate finance annually is allocated to Water & Waste projects (USD31.1 billion for adaptation projects, USD32.5 billion for mitigation projects, and USD3.4 billion from mitigation + adaptation). Meanwhile, the WASH sector truly needs USD116 to USD229 billion annually, according to UN Water. Currently, most financing for adaptation goes towards water treatment and desalination plants, water supply and sanitation projects (USD15 billion), and wastewater treatment (USD7.5 billion). For mitigation, USD16 billion is invested in clean energy in the form of hydropower, USD4.1 billion in transport waterways, and the remaining supports renewables and clean energy projects. Yet we know that WASH is an incredibly impactful sector, one which can absorb climate finance like no other. With this in mind, we have invited various institutions to discuss how they have mobilized climate finance towards WASH projects, and share their challenges, and successes. Kenya’s Sidian Bank will join to discuss their latest project, developed in cooperation with Aqua for All. Carlos Aguilar from Azure Catholic Relief Services (CRS), the technical partner of the Azure Initiative, founded by the Catholic Relief Services and Inter-American Development Bank, will speak to their on the ground experience and their outlooks on climate resilient WASH. Aqua will moderate the discussion for All’s Owais Shafiq, Head of the e-MFP Action Group.