COP29: Africa demands immediate climate finance and action

This photograph shows a view of the building of COP 29 Summit in Baku. Photo: AFP

This photograph shows a view of the building of COP 29 Summit in Baku. Photo: AFP

Published Nov 17, 2024

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Peter Ongera

The African Group of Negotiators (AGN), led by Ambassador Ali Mohamed, this week issued a clarion call for substantial and immediate climate action at COP29 in Baku, Azerbaijan.

Representing 54 African nations, the AGN highlighted Africa’s acute vulnerability to climate impacts and set forth key demands aimed at securing the continent’s future in the face of intensifying climate change.

Speaking at the Joint Opening Plenary of COP29, Mohamed said, “COP29 must deliver meaningful results that send a clear signal of the multilateral system’s ability to address the most pressing global challenges effectively.”

He outlined three primary goals critical to Africa’s climate agenda: ambitious climate finance, addressing loss and damage and advancing a just transition.

The AGN’s top priority is achieving a robust and transparent climate finance goal that meets the continent’s needs. Africa is calling for $1.3 trillion (R24trl) annually by 2030, primarily through grants and highly concessional loans to support adaptation, mitigation, and loss and damage efforts.

“Our vision for a New Collective Quantified Goal (NCQG) sends a strong message to the global financial system on the need for reform, especially addressing debt sustainability for developing countries,” Mohamed said.

Africa’s climate vulnerability costs the continent up to 5% of its GDP annually, with countries diverting nearly 9% of their national budgets to address climate impacts.

The AGN stressed the need for rapid operationalisation of the Loss and Damage Fund, including a replenishment mechanism to support communities hardest hit by climate impacts.

“We applaud the appointment of Ibrahima Sheikh Diong as the first executive director of the Fund,” Mohamed said, saying “timely fund mobilization is essential” to protect Africa’s most vulnerable communities.

In 2023 alone, over 5.7 million Africans were displaced by climate-related disasters. “We must integrate climate impacts and migration into just transition dialogues to mobilize the resources necessary to protect affected communities,” Mohamed added.

The AGN underscored that while private-sector financing can play a complementary role, public international finance remains essential.

Mohamed criticised recent proposals that rely heavily on private finance without adequate public contributions, stating, “Private finance is not a substitute for the commitment that developed countries owe under the principle of Common But Differentiated Responsibilities (CBDR).”

The AGN’s ideal outcome for climate finance is an agreement that prioritises public grants and highly concessional loans to reduce the debt burden on developing countries.

The AGN also voiced strong reservations about the potential impact of unilateral trade measures, particularly the Carbon Border Adjustment Mechanism (CBAM), on African economies.

CBAM imposes tariffs on imports based on carbon emissions, a measure that could severely affect African countries reliant on carbon-intensive industries.

“Unilateral measures must not become barriers that undermine Africa’s development,” Mohamed said, calling for greater consideration of African nations’ economic circumstances.

To this end, Mohamed called for equitable distribution of climate resources, pointing to the stark disparity in climate finance flows. Despite Africa facing some of the world’s most severe climate impacts, the continent receives less than 3% of global climate investment.

“We are at a crossroads—facing two gaps which can easily turn into deadly cliffs,” Mohamed warned, referencing the urgent need to bridge both emissions and financing gaps.

Mohamed closed by assuring the AGN’s commitment to a COP29 that advances the principles of multilateralism and climate justice. “We look forward to working together to achieve outcomes that reflect our shared vision and our commitments to a resilient and sustainable future for all,” he said.

Peter Ongera is a freelance journalist. This article was first published on the LIDA Network. LIDA Network is a digital media and innovation organisation.

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