In a bid to address the growing threats posed by climate change, African countries are intensifying their efforts to secure a more substantial share of global climate finance at this year’s United Nations Climate Change Conference (COP29). At a high-level meeting in Kenya on Thursday, representatives from across the continent underscored the need for increased financial flows to support climate mitigation and adaptation initiatives.
Despite a slight increase in funding in recent years, Africa continues to receive less than 1% of global climate finance, a figure that is widely regarded as inadequate given the continent’s vulnerability to climate change. “One percent for Africa in terms of financing is a joke,” remarked Alice Wahome, Kenya’s Minister for Housing and Urban Development, highlighting the disparity in climate financing allocation.
The global climate finance pool, estimated at just over $100 billion annually, falls significantly short of Africa’s needs. Government officials have cited a requirement of up to $1.3 trillion to effectively combat the adverse effects of climate change, although no specific timeframe has been provided for when these funds are needed.
African negotiators have developed a strategic framework aimed at increasing the continent’s access to climate finance. This strategy will be presented at a preparatory meeting of African ministers of environment in Ivory Coast next month, ahead of COP29. The strategy includes enhancing access to established global funds, such as the Green Climate Fund and the Global Adaptation Fund, which have been set up to support climate action in developing countries.
The limited availability of external funding has forced many African governments to divert portions of their national budgets towards climate adaptation measures. This redirection of funds occurs at a time when numerous African economies are grappling with mounting debt. Raila Odinga, a prominent Kenyan politician and candidate for the leadership of the African Union Commission, highlighted the financial strain this places on governments.
Kenya, in particular, has taken steps to boost its share of climate finance. The East African nation has enacted legislation to facilitate the issuance of sovereign green bonds, a move aimed at attracting more investment for climate-related projects. John Mbadi, Kenya’s Finance Minister, noted that the country is also in discussions with development partners on innovative financing arrangements that could channel debt payment savings into green projects, although specific details were not provided.
As Africa prepares to present a unified front at COP29, the continent’s leaders are calling for a more equitable distribution of global climate finance, emphasising that without sufficient funding, the fight against climate change in Africa will remain severely underfunded.
