Tue, Nov 5 2024 5 November, 2024

African countries push for $1.3 trillion annual climate finance at COP29

Ahead of COP29, African negotiators are pushing for $1.3 trillion annual climate finance, emphasising the establishment of a loss and damage fund.

Aerial view of Baku, where COP29 will be held next month (Photo: Wiki Commons/Presidential Press and Information Office of Azerbaijan)

Ahead of COP29 in Baku, Azerbaijan, next month the African Group of Negotiators (AGN) met in Nairobi to outline the group’s positions ahead of the negotiations.

The group discussed a wide range of topics during the August meeting, but the highlight was a new solid collective quantified goal of climate finance, establishment of the loss and damage fund, and completion of unfinished business under Article 6 concerning carbon trading systems.

Also, at the African Ministerial Conference on the Environment (AMCEN) in Abidjan, Côte d’Ivoire, last month, the ministers called for a new climate finance target of at least US$1.3 trillion annually.

It aligns with the numbers put forward by India and the Arab Group. However, developed countries must be more vocal about what amounts they intend to propose.

This amount had to be reviewed regularly because developing countries’ needs were growing, as shown in their Nationally Determined Contributions (NDCs) and other climate-related plans, such as National Adaptation Plans.

The Standing Committee on Finance’s Determination of Needs report, prepared by the United Nations Framework Convention on Climate Change, states that developing countries need $5.8 trillion by 2030 to fulfil their NDCs. This amount must be responsive to alternative financial assessments.

According to the AMCEN, to address the climate crisis and rebuild trust in the multilateral system, developed countries need to bring leadership “to provide the scale of climate finance required.”

The African Group of Negotiators on Climate Change (AGN) Chair, Ali Mohamed, said in his presentation on Africa’s priorities, “We are particularly focusing on an ambitious New Quantified Goal on Climate Finance outcome that is based on evolving needs as reflected in developing countries’ NDCs, National Adaptation Plans, and other national climate planning and programming instruments.

“Our position includes; a quantum of $1.3 trillion per annum by 2030; quality of finance that is informed by criteria including debt sustainability, cost of borrowing, and significantly from public sources, thus emphasising grant and highly concessional finance; and transparent mechanisms in respect of accountability,” he added.

Climate finance going into COP29

Ogunlade Martins, Senior Programme Manager at Corporate Accountability and Public Participation Africa, told Gas Outlook that climate finance for African countries is non-negotiable going into COP29. He said that for a continent that bears the brunt of climate crises despite its small contribution to global emissions, finance must be immediate, deliberate, and measurable, but it is beyond that.

“The continent must invest in capacities to make demand and access foreign funding facilities. These capabilities must include technical know-how in detailing climate related infractions caused by the Global North in its carbon expansion drives and also build capacity to insist on payment of liabilities for historical damages as against the shallow considerations for immediate liquidity being advanced by some countries in the continent,” he said.

Martins further said that climate finance must be seen in two lights: first, from that of the perpetrators of the crimes responsible for climate crises and second, from in-country/continent commitment, otherwise referred to as public finance for climate action.

“And to achieve desired outcomes, climate finance should be invested in renewable energy options that will aid seamless energy transition where nobody or interest is left behind.”

Amos Wemanya, Greenpeace Africa’s Responsive Campaigns Lead, reiterated the need to advocate for ambitious, needs-based climate finance outcomes at COP29. He said COP29 provides African governments with a crucial opportunity to demand debt-free, public climate finance to support communities on the front lines of the climate crisis.

“This is no time to gamble with carbon offsets or private finance. Polluters, especially the fossil fuel industry, must be held accountable. Wealthy nations must take the lead in providing the climate finance needed to support renewable energy, land restoration, and food sovereignty in Africa.”

Wemanya noted that millions of Africans depend on establishing a fair and equitable climate finance system. “The new climate finance goals must directly address the economic and debt challenges facing our people,” he added.

Loss and damage

Martins noted that, ideally, the loss and damage fund is supposed to be a game changer. He said the fund intends to promote progressive justice, acknowledge historical wrongs, and correct and avoid current and imminent errors. 

“But to reduce an agitation as huge as this to charity or giving by convenience is not encouraging. The United States’ insistence on managing and operationalising the fund using the instruments of the World Bank as its host affirms the planned repeat of eco-colonialism, a system that allows unchecked infractions and encourages unbinding commitments.”

The climate change expert said that to maximise the fund’s potential effectively, it must be mainstreamed to address both economic and non-economic losses, including threats to lives, exhaustion of coping capacities, weight on culture, loss of properties, displacements, and others.

“When fully operationalised, the fund will help in the healing process, give guide to prevent future infractions and provide the template to track global, Global North commitments to climate actions. It is the way to go but not in this present state or system of governance as determined by the culprits,” he added.

Protection of Africa’s forests, natural resources

Greenpeace Africa commended African ministers for their leadership in tackling some of the continent’s most critical environmental issues—climate change, plastic pollution, and biodiversity loss. The group noted that this year’s conference results lay the groundwork for a stronger African voice in upcoming global climate and environmental negotiations.

Stella Tchoukep, Forest Campaigner at Greenpeace Africa, emphasised the need to protect Africa’s forests and natural resources. She said Africa’s forests, oceans, and lands are not reserves for multinational corporations to exploit.

“We must implement sustainable policies that address the root causes of land degradation and vulnerability. The Congo Basin and other vital ecosystems must be shielded from exploitation and degradation.

Martins concluded that for African countries to benefit from representation and inclusion at COP29 fully, the continent must harmonise its position and conduct a stocktake on the climate crisis on its soil; findings will justify the agitation for commensurate compensation and institutionalised engagements.

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