By Faridat Salifu
As the world gears up for the upcoming U.N. COP 29 summit, African countries are intensifying efforts to secure a larger share of global climate financing to address the growing impacts of climate change.
At a recent meeting in Kenya, representatives from across the continent expressed the need for more substantial financial support, arguing that the current level of funding is insufficient for Africa’s climate mitigation and adaptation needs.
Despite recent progress in attracting climate finance, Africa still receives less than 1% of the global climate funding, which is estimated at just over $100 billion annually, according to them.
This minimal allocation is far below what the continent requires up to $1.3 trillion in investment to effectively combat climate change, according to government officials.
“One percent for Africa in terms of financing is a joke,” stated Alice Wahome, Kenya’s Minister for Housing and Urban Development, who highlighted the disparity in funding.
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The push for increased financing comes as African nations prepare to present a unified strategy at a pre-COP 29 meeting of African environment ministers in Ivory Coast next month.
The 54-nation continent is seeking not only a fairer distribution of funds but also easier access to existing global climate funds such as the Green Climate Fund and the Global Adaptation Fund.
The limited access to international climate finance has forced many African governments to divert portions of their national budgets to fund climate adaptation efforts, a challenging task given the economic strains many are already facing due to high levels of debt.
Raila Odinga, a prominent Kenyan politician and candidate for the African Union Commission chairmanship, emphasized the urgency of the situation, noting the financial constraints that hinder effective climate action.
To address these funding challenges, some African countries are exploring innovative financing mechanisms. Kenya, for instance, has enacted laws to issue sovereign green bonds, aimed at raising funds specifically for climate-related projects.
The country is also negotiating with development partners to create green financing deals that could redirect debt repayment savings towards climate initiatives, as stated by Kenya’s Finance Minister John Mbadi.
As the COP 29 summit approaches, African nations are poised to advocate for a more equitable distribution of global climate financing, emphasizing the need for substantial and accessible funding to build resilience against climate threats and support sustainable development across the continent.
