The 2024 Conference of Parties (COP 29) concluded with a deal that fell short of expectations, particularly for developing nations.
While a new collective quantified goal (NCQG) was established, aiming to provide $300 billion annually by 2035, this figure is far below the $1.3 trillion that many experts deem necessary to limit global warming to 1.5°C.
The Independent High-Level Expert Group on Climate Finance estimated that a staggering $2.4 trillion is needed annually for climate and nature-related investments. The lion’s share of this funding, a whopping $1.5 trillion, is earmarked for energy transition investments.
While these figures may seem daunting, it’s important to note that climate finance flows have been steadily increasing.
They have more than tripled over the past decade, reaching $1.3 trillion in 2021/22. This represents approximately 1% of global GDP.
While this is a significant increase, it still falls short of the estimated needs.
Africa’s Disappointment and the Need for a New Approach
African nations were among the most vocal critics of the deal, describing it as “too little, too late.”
The continent’s vulnerability to climate change, coupled with historical injustices, makes it particularly reliant on significant climate finance.
“Africa demanded clear targets for mitigation, adaptation and loss & damage management. We received none. Our task now is to translate words into action,” Ali Mohamed, the Chair of the African Group of Negotiators (AGN) at UN Climate Change negotiations said.
However, past pledges have often fallen short, and the new NCQG, while a step forward, remains inadequate.
“This finance deal is a masterclass in historical injustice. It betrays climate justice and mocks the polluter pays principle,” says Fred Njehu, Pan-African Political Strategist, at Greenpeace Africa.
Lessons from the Past and a Path Forward
Africa must learn from past mistakes and adopt a more strategic approach to future climate negotiations. Key considerations include:
- Realistic Expectations: Avoid overly optimistic projections and focus on achievable goals.
- Collective Bargaining: Leverage the continent’s collective power to negotiate for better deals.
- Resource Diplomacy: Utilize Africa’s abundant resources as a bargaining chip to secure investments in sustainable development.
- Human Capital Development: Invest in education and skills training to build a climate-resilient workforce.
- Innovative Financing Mechanisms: To supplement traditional aid, explore innovative financing options, such as carbon markets and green bonds.
A Call to Action
African leaders and negotiators must advocate for a more equitable and ambitious global climate agenda.
“African leaders must now look to pool their complementary resources, work together, and seek opportunities to harness its great clean energy potential. We now need to seek ways of attracting the right investments into the continent to make us a renewable energy superpower,” says Mohamed Adow is the director of Power Shift Africa.
By working together and demanding accountability from developed nations, Africa can secure the necessary resources to build a sustainable and prosperous future.
