At the recent COP29 climate conference in Baku, Azerbaijan, the African Export-Import Bank (Afreximbank) made a strong appeal for climate policies that address Africa’s unique challenges.

The bank’s president, Professor Benedict Oramah, highlighted how Africa is heavily affected by climate change despite contributing less than 4% of global greenhouse gas emissions.

He emphasized the urgent need for more climate financing, estimating that Africa will need between $1.3 trillion and $1.6 trillion each year until 2030 to manage its challenges effectively. 

Afreximbank’s goal at COP29 was to push for fair climate policies that support Africa’s economic growth while also meeting global climate goals.

Their stance aligns with the African Union’s Nairobi Declaration and past outcomes from COP28, which called for better climate finance and compensation for damages caused by climate change.

One key focus for the bank is the quick implementation of the Loss and Damage Fund. The fund is designed to provide financial help to countries hit by climate disasters and ensure vulnerable communities get the support they need.

In his speech, Oramah warned that climate change is causing economic losses in Africa, driving migration and increasing instability.

He argued that acting now isn’t just necessary for the environment—it also makes economic sense, as the cost of doing nothing is far higher.

Afreximbank is exploring financial tools like green bonds and concessional loans to help fund climate projects in Africa.

During COP29, high-level panels brought together African leaders and global stakeholders to discuss sustainable trade and financing solutions tailored to Africa’s needs.

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These sessions aim to amplify Africa’s voice in climate talks and ensure its specific challenges are addressed.

Afreximbank’s participation underscores the need to combine climate action with development goals, particularly through initiatives like the African Continental Free Trade Area (AfCFTA), which supports sustainable growth and regional cooperation.

Afreximbank’s efforts reflect a wider call from the African Group for a new collective climate finance target of $1.3 trillion per year by 2030.

This demand highlights the need for developed nations to honor their promises of financial support to developing countries struggling with severe climate impacts.

Currently, Africa receives only around $30 billion annually, far short of the estimated $2.8 trillion needed over the next decade.

The effects of climate change in Africa are urgent and complex. Countries across the continent face extreme weather, food shortages, and economic problems due to rising temperatures and changing rainfall patterns.

Afreximbank’s push at COP29 highlights the importance of fair policies that allow African nations to use their natural resources responsibly while moving toward cleaner energy.

By advocating for better funding and encouraging responsible resource use, the bank hopes to help Africa tackle its climate issues while still growing economically.

The decisions made at COP29 could shape how Africa approaches climate change in the future, making it crucial for global leaders to commit to fair and practical solutions that support sustainable development on the continent.