The much-sort climate financing for the controversial loss and damage fund was a topic immensely discussed during the Africa Climate Summit bringing the developed countries like the USA on stage to address the reluctance and failure to meet the obligation.
US Special Presidential Envoy for climate change, John Kerry during his address at the Summit assured of the United States’ decision to support African countries monetary wise in their plight fighting climate change.
“USA intends on providing additional $30 million to accelerate climate resilience food security efforts across Africa as part of implementing Bidens PREPARE entails $20 million to the Africa Adaptation initiative for the food security accelerator and $10 million to climate resilience and Adaptation finance and technology transfer facility to scale technologies advancing adaptation,” said John Kerry.
This follows a bid by African countries to develop climate change adaptation in efforts toward adopting mitigation measures. However, these developments call for more support from developed countries since climate change eventualities are pushing less developed countries to use their GDP in response to disasters and building resilience.
According to John Kerry, the United States government has set aside a five-year commitment of $30 billion a year through the Joe Biden administration that has been effective until 2024. This is in addition to the vast pledges made by the developed countries and the US in supporting Africa to mitigate climate effects effectively.
Adaptation funding is essential for developing countries in the global south, Africa to respond to climate change eventualities as the continent is yet to build resilience against this occurrence hence meeting the pledge of $100 billion by the USA being a crucial step.
He further revealed the intentions of the government working with the World Bank toward ensuring that the funds are not only availed but also attained by countries in need of them on time. Other than this, the US has shown efforts to work toward an energy transition acceleration through the carbon market mechanism.
John Kerry emphasized the urgency for the continent to venture into carbon markets as a means of fighting climate change. A move he insists will be critical for Africa in the creation of a thriving carbon market.
“We think Africa can benefit and the global South can benefit only if the carbon market grows. You heard a mention of about 121 million. This market has to become a market in the billions in order to work effectively, and for that, we need to ensure the environmental integrity of this market,” he said.
