At COP29, African Leaders Push for Investments and Reduced Debt Burden to Ensure Climate Justice

Baku Azerbaijan, 13 November 2024 (ECA) - Investments in Africa's resources including renewable energy and sustainable agriculture, are crucial for effective climate adaptation, but tackling the high debt burden and increased adaptation finance can no longer wait, echoed leaders on Africa Day, celebrated at the African Pavilion at the ongoing 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku.

Musalia Mudavadi, Kenya's Prime Cabinet Secretary speaking on behalf of Kenya's President and Coordinator of the Committee of African Heads of State and Government on Climate Change, William Samoei Ruto, said Africa received only 20% of international adaptation finance amounting to $13billion from 2021-2022.

"The global climate finance for adaptation was supposed to double by 2025, but it is declining, jeopardizing the Sustainable Development Goals. The growing debt burden in Africa limits scaled-up actions to cope with climate change and restore ecosystems," said Mr. Mudavadi.

He emphasized the importance of collective action to address climate change and ensure climate justice and called on all countries to leverage engagements at COP29 to amplify the common position and voices on crucial aspects of the Paris Agreement and Africa's realities.

Speaking on behalf of the African Union (AU) Commission Chairperson, Moussa Faki , Josefa Sacko, Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment (ARBE), African Union noted that the Sendai Framework in 2020 and 2022 estimates that climate and water-related hazards cost the continent over $8.5 billion in economic damage. She called on governments to lobby for an international goal on adaptation finance, separate from general climate finance.

Azerbaijan's Deputy Energy Minister and COP29 CEO, Elnur Soltanov acknowledged the sensitivities around mitigation and the potential link between adaptation and climate resilient development and suggested that African countries could become role models for low emission development similar to how South Korea has become a model for international support for low emission.

Benedict Oramah, President, Afreximbank emphasized the need for financing climate adaptation in Africa and the Caribbean, highlighting the severe impacts of climate change such as rising sea levels, coastal erosion and reduced agricultural productivity.

"Africa has experienced a 30% reduction in agricultural productivity since 1961 due to climate change, a figure higher than any other region in the world," he said.

"Financial resources and sound investments are critical for lowering emissions, encouraging adaptation and building resilience."

He proposed commercial means to fund recovery from Loss and Damage in developing countries, including climate insurance premiums paid by developed economies.

Representing civil society, Mithika Mwenda, Executive Director, PACJA stressed the importance of Africa's voice in the international climate change dialogue highlighting the continent's unique challenges and potential.

"Africa, rich in biodiversity and minerals, faces a paradox where rural and urban communities need tailored support to adapt to climate change," he said, adding that African countries should advocate for local resilience-building policies and that global financing needs "to be directed towards those most at climate risk."

Mr. Mwenda called for strong partnerships to build Africa's adaptive capacity to ensure resources reach where they are needed most, underscoring that Africa's resilience benefits the global community.

For his part, Claver Gatete, Executive Secretary of the Economic Commission for Africa said, African economies lose up to 5% of GDP, on average, annually because of climate-related disruptions.

"While African countries require adequate, predictable and accessible finance, the structure of existing climate finance continues to perpetuate inequities. Today, much of the available climate funding is disbursed as loans, and not as grants, adding to Africa's already high debt levels."

He outlined five critical policy priorities to drive a pathway towards a climate - resilient Africa that include: leveraging Africa's critical minerals to drive a green economic transformation; enhancing Africa's carbon capture potential through structured, nature-based solutions; commitment to establish the New Collective Quantified Goal (NCQG); accelerating the clean energy transition for Africa's long-term economic resilience and prosperity; and urgent, decisive action to limit greenhouse gas emissions and avoid the irreversible impacts of climate change.

On Africa's carbon markets, he called for a robust and transparent system, stressing they should benefit African economies and communities,

ECA is supporting initiatives like the Congo Basin Climate Commission's carbon market protocols to build a market that both safeguards Africa's interests and contributes to global climate goals, in addition to replicating these efforts in the Sahel region and African island states.

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