At the conclusion of the 10th Special Session of the African Ministerial Conference on the Environment (AMCEN) in Abidjan, Côte d’Ivoire, African leaders made a compelling case for enhanced climate finance as they prepare for COP29 in Baku, Azerbaijan, this November.
The continent’s representatives, supported by the African Group of Negotiators (AGN), are calling for a New Collective Quantified Goal (NCQG) that would require developed nations to mobilize $1.3 trillion annually for climate action in developing countries from 2025 onwards.
The NCQG aims to replace the previous $100 billion annual commitment, which was not fully met by developed nations. African leaders argue that this new target is necessary to address the urgent climate adaptation and mitigation needs of the continent without further indebting African economies.
Echoing similar demands, the Ministers from the 45 least developed countries (LDCs) have called for the new finance goal to be science-based and reflective of actual climate needs, emphasizing that funds should primarily be provided as grants rather than loans.
They estimate that at least $1 trillion is needed to meet current climate goals and have urged for a focus on concessional finance and rapid deployment of funds.
The upcoming COP29 is expected to address these financial demands, with a focus on achieving robust, predictable, and equitable financial commitments from developed nations. Both AMCEN and LDC Ministers have highlighted the need for reforms in international financial institutions and multilateral development banks to better support developing nations without exacerbating their debt burdens.
Additionally, the ministers are advocating for the urgent operationalization of the Loss and Damage Fund and the Santiago Network, which are designed to provide support to vulnerable countries.
They are also pushing for the full implementation of the Global Goal on Adaptation (GGA) to enhance resilience against climate impacts.
As COP29 approaches, the global community is poised to confront these critical financial and policy issues to ensure effective climate action and a just transition for all nations.
By Esther Samson