Tanzania is facing a funding gap of more than TZS 31 trillion for climate change mitigation and adaptation efforts, with total financing needs estimated at USD 19.3 billion.

Finance Minister Ambassador Khamis Mussa Omar made the remarks while speaking at a Climate Change Financing Dialogue held at the Bank of Tanzania (BoT) in Dar es Salaam.

He said investments in climate action should also deliver benefits in education, employment and the overall well-being of citizens, while emphasizing the need for stronger collaboration among stakeholders to bridge the funding gap.

Ambassador Omar warned that the cost of failing to address climate change impacts could be far greater than the cost of investing in preventive measures today.