• About
  • Become a Climate Reporter
  • Send Us Your Report
  • Submit A News
  • Support Us
  • Privacy Policy
  • Contact Us
Thursday, May 22, 2025
NEWSLETTER
Africa Climate Reports
No Result
View All Result
  • HOME
  • CLIMATE CHANGE
  • SUSTAINABLE DEVELOPMENT
  • FOOD
  • FOREST
  • ENERGY
  • WASH
  • LAND
  • OTHERS
    • FINANCE
    • HEALTH
    • OCEANS
    • TOP STORIES
    • MOST POPULAR
    • COLUMNISTS
    • INTERVIEWS
    • OPINIONS
    • PHOTOS
    • VIDEOS
Africa Climate Reports
  • HOME
  • CLIMATE CHANGE
  • SUSTAINABLE DEVELOPMENT
  • FOOD
  • FOREST
  • ENERGY
  • WASH
  • LAND
  • OTHERS
    • FINANCE
    • HEALTH
    • OCEANS
    • TOP STORIES
    • MOST POPULAR
    • COLUMNISTS
    • INTERVIEWS
    • OPINIONS
    • PHOTOS
    • VIDEOS
No Result
View All Result
Africa Climate Reports
No Result
View All Result

COP29: Why Climate Finance is top of agenda for Africa

by editor
November 14, 2024
in CLIMATE CHANGE, COP, FINANCE, FOCUS ON GREEN ECONOMY, TOP STORIES
0
Home CLIMATE CHANGE
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter
COP 29’s Opening Ceremony in Baku

By Kofi Adu Domfeh

Another round of climate change talks is underway in Baku, Azerbaijan, to address the rampant climate crisis.

“This crisis is affecting every single individual in the world in one way or another,” acknowledged Simon Stiell, Executive Secretary of UN Climate Change, at the opening of COP29.  

The 29th Conference of Parties (COP29) in the climate change negotiations has been dubbed the “Climate Finance COP” as a new climate finance target is sought to help developing countries overcome their vulnerabilities to the climate crisis.

RelatedPosts

Mining Communities Urge Community-Led Path in South Africa’s Energy Transition

Beninese Rice Farmers hail Climate Resilience and Regenerative Agriculture at Mega Field Day

“We must agree on a new global climate finance goal,” said Simon.

“If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price.”  

Civil society organizations like 350.org are emphasizing that fair, equitable finance is the key to climate action.

At COP29, they are demanding countries pledge to an ambitious climate finance goal, or New Collective Quantified Goal (NCQG), of at least $1 trillion.

This goal must be in the form of grants and based on the financial, climate, and social needs of the Global South. 

Countries are also to agree to set climate goals—Nationally Determined Contributions (NDCs)—that include fairly tripling renewable energy capacity and phasing out fossil fuels by 2030.

According to Simon Stiell, if nations can’t build resilience into supply chains, the entire global economy will collapse, emphasizing that “no country is immune.” 

“Let’s dispense with any idea that climate finance is charity.

An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest,” he noted. 

There is also an expected acceleration of the shift to clean energy and climate-resilience.

African CSOs posture  

African Civil Society leaders are urging a focus on the New Collective Quantified Goal (NCQG) to achieve substantial and equitable financing solutions for climate action.

Under the Pan African Climate Justice Alliance (PACJA), the CSOs highlighted the urgent need for global commitments on adaptation, just transition, critical minerals, mitigation, and transparency in carbon markets.

“We call for the establishment of an ambitious sub-goal for adaptation finance that prioritizes public, grant-based support for developing countries, responding to needs outlined in Nationally Determined Contributions (NDCs), National Adaptation Plans (NAPs), and other national plans,” reads the statement.

Dr. Mithika Mwenda, Executive Director of PACJA, emphasized that COP29’s NCQG negotiations must address Africa’s pressing adaptation needs as well as Loss and Damage.

“If the NCQG fails to consider the adaptation needs of vulnerable populations, COP29 will not meet the threshold to be a genuine Climate Finance COP,” he stated.

The adaptation finance gap for developing nations remains significant – currently 10 to 18 times greater than actual international financial flows, which amount to approximately USD 20 billion annually.

This falls well short of the estimated USD 166-366 billion annually to meet adaptation demands.

Prof. Seth Osafo, Senior Legal Advisor at the African Group of Negotiators (AGN) said it’s had to talk about the NCQG leaving behind considerations of other dimensions.

“We must reimagine the quality of finance, moving beyond debt-based approaches—currently at 72%—to include concessional loans, grants, and innovative financing mechanisms. Additionally, funding must be accessible, predictable, and structured to prioritize essential sub-goals, including Loss and Damage, while aligning on whether a single-layer or multi-layer approach best serves the mobilization and provision of funds,” Prof Osafo stated.

As the COP29 discussions begin, African Civil Society wants world leaders to prioritize issues that meet the urgent needs of African communities on the frontlines of climate change.

Tags: BakuCOP 29Paris AgreementUNFCCC
ShareTweetSendShare
editor

editor

Related Posts

Mining Communities Urge Community-Led Path in South Africa’s Energy Transition
CLIMATE CHANGE

Mining Communities Urge Community-Led Path in South Africa’s Energy Transition

May 22, 2025

By Ken Koutchakpo As South Africa moves toward a low-carbon future, communities most affected by the extractive economy demand to...

Beninese Rice Farmers hail Climate Resilience and Regenerative Agriculture  at Mega Field Day
Atâyi Babs LIVE!

Beninese Rice Farmers hail Climate Resilience and Regenerative Agriculture at Mega Field Day

April 22, 2025

An expert displaying how decarbonisation practices reduce biogenic methane from rice cultivation By Atayi Babs Food and agricultural systems are...

Next Post
Zimbabwe acknowledges TAAT as it hits 92% Of Wheat Harvest Target

Zimbabwe acknowledges TAAT as it hits 92% Of Wheat Harvest Target

Recommended

Renforcement des capacités des producteurs de riz : un pas décisif vers la sécurité alimentaire

Côte d’Ivoire targets Food Security through Capacity Development for Rice Farmers

1 day ago
Renforcement des capacités des producteurs de riz : un pas décisif vers la sécurité alimentaire

Renforcement des capacités des producteurs de riz : un pas décisif vers la sécurité alimentaire

1 day ago
L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz

Africa Strengthens Rice Value Chain with Second Session of Rice Master Training Programme

1 week ago
L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz

L’Afrique Renforce la Filière Rizicole avec la Deuxième Session du Programme de Formation des Professionnels du Riz

1 week ago
Mining Communities Urge Community-Led Path in South Africa’s Energy Transition

Mining Communities Urge Community-Led Path in South Africa’s Energy Transition

1 week ago
Beninese Rice Farmers hail Climate Resilience and Regenerative Agriculture  at Mega Field Day

Beninese Rice Farmers hail Climate Resilience and Regenerative Agriculture at Mega Field Day

1 month ago

Popular News

    Social Media

    ABOUT US

    Africa Climate Reports is Africa’s first and largest bilingual journal dedicated to opening new vistas in the coverage and reportage of climate change and the region’s environment. With a multi-lingual team of talented reporters from across the continent, we tell the African climate story in a refreshingly lucid, communally engaging and technically robust manner.

    SITE LINK

    • About
    • Advertise
    • Careers

    OTHER LINKS

    • About
    • Become a Climate Reporter
    • Send Us Your Report
    • Submit A News
    • Support Us
    • Privacy Policy
    • Contact Us

    NEWSLETTER

    Be the first to get notified when we have something new to share. Get Africa Climate Reports newsletter directly into your email.
    we promise not to spam you!
    • About
    • Advertise
    • Careers

    © 2024 All Rights Reserved- Africa Climate Report - Designed by Prexy

    No Result
    View All Result
    • HOME
    • CLIMATE CHANGE
    • SUSTAINABLE DEVELOPMENT
    • FOOD
    • FOREST
    • ENERGY
    • WASH
    • LAND
    • OTHERS
      • FINANCE
      • HEALTH
      • OCEANS
      • TOP STORIES
      • MOST POPULAR
      • COLUMNISTS
      • INTERVIEWS
      • OPINIONS
      • PHOTOS
      • VIDEOS

    © 2024 All Rights Reserved- Africa Climate Report - Designed by Prexy