African leaders made a unified call for a significant boost in climate finance to address adaptation and foster sustainable development during Africa Day at the 29th United Nations Climate Change Conference (COP29) in Baku.
The event brought together prominent figures, including Ms. Josefa Sacko, African Union Commissioner for Agriculture, Rural Development, Blue Economy, and Sustainable Environment; Mr. Benedict Oramah, Chairman of Afreximbank; and Kenya’s Prime Cabinet Secretary, Mr. Musalia Mudavadi, representing President William Ruto.
In his address, Kevin Kariuki, Vice President of the African Development Bank (AfDB) for Power, Energy, Climate, and Green Growth, emphasized the urgent need for financial ambition.
“We hope to move from millions and billions (of dollars) to the thousands of billions of dollars Africa clearly needs for climate action. The success of this COP, described as the “finance COP,” will largely depend on the level of ambition of the climate finance target.” he stated on November 13.
The session, titled “Increasing Finance for Adaptation to Climate Change and Green Growth in Africa,” was co-hosted by the African Union Commission, the AfDB, the UN Economic Commission for Africa (UNECA), and AUDA-NEPAD. It highlighted Africa’s unique vulnerabilities and opportunities in the global climate agenda.
Despite contributing less than 4% of global greenhouse gas emissions, Africa is home to nine of the ten most climate-vulnerable countries. Yet, the continent receives just 3–4% of global climate finance. Kariuki announced plans to raise this share to 10% by 2030, emphasizing the need for immediate action to close the funding gap.
Benedict Oramah of Afreximbank stressed that Africa loses approximately 5% of its GDP annually due to climate-related challenges.
“Climate change in Africa is an existential question that needs immediate action. Waiting for climate deniers to pay voluntarily for the damage they have caused is a little like Nero fiddling while Rome burned.” he noted.
He urged swift mobilization of the $700 million pledged to the Loss and Damage Fund and the adoption of innovative financing mechanisms such as climate insurance supported by developed nations.
Read: African Development Bank Launches the CAW Facility to Boost Climate Resilience in Vulnerable African Regions
The AfDB estimates Africa needs $277 billion annually to address the climate crisis effectively, yet the continent currently receives just $30 billion per year. UNECA Executive Secretary Claver Gatete highlighted critical priorities, including:
- Leveraging critical minerals for resilience.
- Expanding carbon capture in regions like the Congo Basin.
- Securing $1.3 billion annually for Sustainable Development Goals (SDGs).
- Accelerating clean energy transitions with Africa as a global hub.
- Taking collective action to curb emissions.
Kenya’s Prime Cabinet Secretary, Musalia Mudavadi, urged developed nations to fulfill their $100 billion annual climate finance commitment, first promised in 2009.
“It is essential that this time, words are translated into concrete actions. This shortfall is compromising the achievement of the Sustainable Development Goals, undermining the investments already made in resilience and threatening the aspirations set out in the African Union’s Agenda 2063.” he warned.
African Union Commissioner Josefa Sacko emphasized the need for improved access to climate adaptation funds. She called for tangible progress in finance accessibility by the conclusion of COP29, reiterating adaptation as a top priority.
Anthony Nyong, Director of Climate Change and Green Growth at the AfDB, highlighted the Bank’s efforts, noting that climate finance had grown from 9% of its investments in 2016 to 45% in 2023.
