African Development Bank Group President Akinwumi Adesina has said, “There is no reason why Africa should be greenly poor. Africa should be greenly wealthy by proper valuation of its vast contributions to global environmental services.’
This came during a meeting of African Ministers of finance, economy, foreign affairs, climate change, and environment in the run-up to COP29. To achieve this green wealth, Adesina is advocating for recalibrating the GDP of African countries to reflect natural assets like forests and carbon sinks. This recalibration could reveal a significantly higher GDP, better reflecting Africa’s environmental contributions.
Africa, with its vast carbon-sequestering forests and resources ripe for green growth, holds massive potential to drive clean energy access for millions. Yet, sub-Saharan Africa receives less than 3% of global climate finance, hindering efforts to advance National Adaptation Plans and Nationally Determined Contributions under the Paris Agreement.
Historically, the climate finance pledged has fallen far short of what is needed to meet the scale of the challenge. Moreover, even when funds are available, structural barriers have kept them from reaching the countries that need them most.
One of the central concerns is the new global climate finance target dubbed “New Collective Bargaining Agreement (NCQG).” The previous commitment made by developed nations to provide 100 US billion annually to developing countries —set during COP15 in 2009—was only achieved in 2022, after years of criticism for insufficient action and funds.
Ongoing negotiations for the NCQG have been slow and bogged down by numerous disagreements including over the fund’s size, what kinds of funding are included, who should contribute, and how adaptation, mitigation, loss and damage, and accountability will be addressed. These questions are all critical to the future effectiveness of the goal.
Now, as that target’s deadline approaches, there is renewed pressure to set more ambitious funding goals. Many developing nations are demanding stronger commitments from wealthier countries, arguing that without sufficient financial support, they cannot effectively combat or adapt to climate change. “The African group has called for 1.3 trillion US dollars in new climate finance, a figure they believe will help meet the needs of developing countries,” offered Joab Okanda, Climate Policy and energy expert.
For Treezer Mugure, a climate activist from Kenya, today’s start is a cause for concern. Mugure worries that the delayed progress at COP29 could signal a lack of urgency among delegates, even as climate impacts intensify for vulnerable communities.
“If we don’t see real commitments, our communities will continue to suffer the consequences of a crisis we had little role in creating,” she said.
In 2023 alone, climate change-related events claimed over 23,000 lives across Africa. From devastating floods in Kenya, which killed more than 200 people and destroyed properties worth millions, to relentless heatwaves and tropical cyclones in Mozambique, the continent, leaders say, faces an urgent call for swift and decisive actions that can effectively address and mitigate the impacts of climate change on vulnerable communities. For them, COP29 is not just a negotiation table but a chance to press wealthier nations for the support necessary to protect communities at risk.
For Africa, the COP29 climate talks have become a critical moment for the future of global climate action. The forum, which began yesterday in Baku, Azerbaijan, under the theme “Finance COP,” is expected to see the establishment of the New Collective Quantified Goal (NCQG) on climate finance. This target will replace the 2009 pledge by developed countries to mobilize USD100 billion per year for climate action in developing countries.
In a year marked by extreme weather events attributed to climate change, more than 30,000 delegates drawn from at least 200 countries are gathering in Baku, Azerbaijan, to discuss the pressing threat of climate crisis at the 29th annual United Nations Climate Change Conference-COP29.
Sources: African Development Bank, France 24