Climate finance should address continent’s needs
Many African countries are affected by climate effects, yet they contribute less than 4 per cent to global warming.
What you need to know:
- Africa needs resources to strengthen the continent’s adaptation and mitigation systems against climate change.
- According to experts, a lot of finance is going to mitigation measures, yet Africa’s priority is adaptation finance.
In November, another round of climate talks also known as COP29 will be held in Baku, Azerbaijan, to bolster efforts to limit global warming, adapt to the impact of climate change and mobilise financing for these activities.
The global community should act with urgency in reducing emissions, fulfilling its obligations, honouring past promises and supporting Africa in addressing climate change.
One of the biggest frustrations for many African countries in the fight against climate change is lack of finances. Solutions are required to unlock huge resources for climate action in Africa. For Africa to meet climate goals, finance is essential.
Africa needs resources to strengthen the continent’s adaptation and mitigation systems against climate change and allow the countries to achieve a just transition.
Commitments and investments
According to experts, a lot of finance is going to mitigation measures, yet Africa’s priority is adaptation finance. For climate finance to benefit Africa, it should at least be 50/50 – mitigation and adaptation.
More should be done to implement different pathways for financial structures that can deliver on Africa’s goals. Also, there is need for more commitments and investments in viable solutions presented by renewable energy, green industrialisation, climate smart agriculture and nature conservation.
The Nairobi Declaration from the inaugural Africa Climate Summit, held last year, emphasised the need for the global community to honour promises — including provision of $ 100 billion in climate finance, as promised in 2009 at the UNFCC COP2015 in Copenhagen, Denmark, and has never been met.
As Africans Ministerial Conference of the Environment recently urged, COP 29 must deliver bold commitment to address climate change. COP 29 should be about providing resources needed to protect lives and livelihoods, and address Africa's priorities.
The 28th UN Climate Change Conference (COP28) in Dubai in 2023, agreed on the operationalisation of loss and damage fund to provide crucial financial support to vulnerable nations facing the brunt of climate change effect.
Climate finance flow
Pledges made to the fund totalled $ 772 million. But this is a drop in the ocean, considering the total amount of finance needed for loss and damage is estimated to reach $ 580 billion annually.
Many African countries are affected by climate effects, yet they contribute less than 4 per cent to global warming. That is why, more should be done to increase loss and damage fund, and for African countries to secure the funds.
Also, more efforts are required to ensure transparent, inclusive funding structures for direct access to the fund by African countries that are vulnerable.
Equally important, Africa needs more climate finance flow through sustainable channels that won’t load African economies with more debt.
Mr Obonyo is a Public Policy Analyst. [email protected]
