African countries are pressing for a substantial increase in their share of global climate financing to combat the escalating threats posed by climate change.
At a meeting in Kenya on Thursday, representatives from across the continent outlined their strategies for securing a more equitable allocation of funds at the upcoming COP 29 conference.
African negotiators have prepared a comprehensive list of demands to be presented at the pre-COP 29 meeting in Ivory Coast next month.
Despite recent growth in climate mitigation and adaptation projects, the continent currently receives less than 1% of global climate financing annually, a figure that officials deem grossly insufficient.
“One percent for Africa in terms of financing is a joke,” declared Alice Wahome, Kenya’s minister for housing and urban development.
The continent requires investments of up to $1.3 trillion to address the challenges of climate change, a far cry from the estimated $100 billion in global climate financing.
The limited availability of external funding has forced many African governments to divert substantial portions of their budgets towards climate adaptation measures.
This additional expenditure comes at a time when numerous economies on the continent are already grappling with debt burdens, according to Raila Odinga, a leading Kenyan politician and candidate for the African Union Commission.
Ali Mohamed, co-chair of the African group of climate negotiators, emphasized the need to enhance access to existing global climate funds, such as the Green Climate Fund and the Global Adaptation Fund.
Kenya, for its part, has taken proactive steps to increase its share of climate finance by enacting laws to facilitate the issuance of sovereign green bonds.
The East African nation is also exploring innovative green financing deals with development partners to redirect debt payment savings towards climate-related projects.
As African countries unite to demand a fairer distribution of global climate resources, the world is watching to see if their calls for climate justice will be answered.