African Stake holders and 100 CSOs Convened to Strategize for an Ambitious Climate Finance Goal in COP29
Accessing climate finance to support the most vulnerable communities impacted by the unprecedented climate crisis has continually proved elusive for developing countries renowned as the global south. This has been evident from the unattained $100 billion goal that was agreed upon in the 15th Conference of Parties (COP15) in 2009 in Copenhagen. Developed countries agreed to mobilize the amount per year by 2020 for climate action in developing countries that are deemed to suffer more from the impacts of climate change.
This meeting is held in light of the upcoming COP29 that will be held in Baku, Azerbaijan from November 11-22, 2024., The meeting aims to develop a unified African position and voice to ensure an outcome that meets the realities and needs of the continent. African climate finance practitioners deliberated on how there can be an African position that ensures the continent is supported in building resilience through climate finance for not only mitigation but also adaptation.
Julius Mbatia, a Climate Finance Expert said that the post-2025 finance goal must constitute a quantum that is commensurate with the needs of developing countries to fairly transition, support adaptation, tackle loss and damage, and set on a low carbon climate resilient path.
Amidst the ongoing consultations, it has been affirmed that Africa must chart a new course of action in shaping the future of climate finance following the awaited implementation of the New Collective Quantified Goal(NCQG) as a new finance mechanism. The new financial goal offers an opportunity for Africa to strengthen and strategically center its determination around real and felt needs, realities, and demands.
According to Mr. Ali Mohammed, the Africa Group of Negotiators on Climate Change Chair, to attain climate justice for the most vulnerable, there must be inclusion of the hard realities faced in the continent which starts with raising the amount to 1.3 or 1.4 trillion for climate finance annually. He points out that the time is long overdue and the billions spoken about earlier are merely enough to sustain the kind of impacts faced by local communities at the forefront yet having caused the least emissions.
“A crucial and most urgent objective of this meeting is to prepare our position paper for COP29. Firstly, finance will lie at the heart of climate diplomacy at COP29 as a critical enabler of climate action. Currently, climate finance is flowing to the continent at an insufficient scale and in unequal directions. Securing a strong favorable finance deal at COP29 is therefore vital,” said Mr. Ali Mohammed.
The experts emphasized the need for developed countries to commit at least $ 5.9 trillion by 2030 based on the growing needs and priorities of developing countries to finance adaptation, mitigation, the just transition, loss, and damage. These funds should mainly come from the public coffers of developed countries and should avoid debt instruments that exacerbate the debt burden of developing countries.
Samson Mbewe, Global South Expert, emphasized that to truly address the climate crisis, the NCQG must steer clear of debt instruments, especially those that masquerade as climate finance and yet are market-related loans. He revealed that developing countries are in dire need of grants, especially for their adaptation efforts, and loans of any sort would need a higher degree of concessionality.
The experts also urged developed countries not to derail climate talks this year with discussions on the contributor base but should instead stay within the confines of the UN Climate Convention and the Paris Agreement which places responsibility to provide and lead mobilisation of finance to support climate action in these countries.
However, a threat looms as remarked by Iskander Erzini Vernoit, IMAL Initiative for Climate & Development, of the new climate finance goal being set based on the limited politics of today, which would mean the world will fail to rise to the climate challenge.
Iskander further said that the funding cannot be an incremental increase from the 100 billion, but rather must commit well over a trillion in annual international public finance to meet the demands outlined by scientific research and studies.
“We also need to remember that developed nations have a responsibility to help those who have been most affected by climate change. The NCQG should focus on fair and sustainable solutions that genuinely support global efforts without creating additional financial strain,” said Iskander.
In summary, as COP29 approaches, the urgency of addressing climate finance for Africa cannot be overstated. Africa, despite contributing the least to global emissions, is disproportionately affected by climate change, facing severe consequences such as droughts, floods, and food insecurity.
To build resilience and transition to a sustainable future, African nations require substantial financial support. This includes not just fulfilling existing commitments but significantly increasing climate finance flows to the region. The global community must prioritize equitable climate finance at COP29, ensuring Africa receives the resources needed to mitigate climate impacts, adapt to changing conditions, and foster resilience.
