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African Countries to Demand Fair Access to Climate Finance at COP
07 Sep 2024Officials from the 54-nation continent have said that more funding has been received for mitigation and adaptation projects in recent years, but they still reach less than 1% of global climate finance on an annual basis.
Representatives of African countries at a meeting in Kenya on Thursday emphasized that countries on the continent want to use this year's UN COP meetings to obtain a much larger share of global climate finance to help deal with increasing threats from climate change. African negotiators have prepared a list of strategies to be presented at the pre-COP29 preparatory meeting of African environment ministers in Ivory Coast next month. Government officials underlined that the 54-nation continent has been able to receive more funding for mitigation and adaptation projects in recent years, but they still reach less than 1% of global climate finance on an annual basis.
Speaking at the meeting, Kenyan Minister of Housing and Urban Development Alice Wahome interpreted Africa's 1% share as a "joke".
Officials said 1% was the share of the current $100 billion in global climate finance, while Africa needed $1.3 trillion in investment, without specifying a time frame for when the amount would be needed.
Kenyan politician Raila Odinga, who is competing to become the president of the African Union Commission in the elections to be held next year, stated that limited access to external financing forces many governments on the continent to allocate part of their budgets to climate adaptation measures.
Ali Mohamed, co-chair of the African group of climate negotiators, said such extra spending worsens the situation at a time when many African economies are already struggling with debt.
Mohamed noted that one way to increase Africa's share of climate cash is to increase access to existing global funds created for this purpose, such as the Green Climate Fund and the Global Adaptation Fund.
At the meeting, the country's Finance Minister John Mbadi cited Kenya's passage of legislation allowing the issuance of government green bonds as a way to increase its share of climate finance.
Kenyan officials said, without giving further details, that the East African country is also in talks with development partners on innovative green financing deals to channel debt servicing savings into projects.
Source: Climate News
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