Time For Wealthy Nations To Act And Deliver, Not Just Promise – Africa.com
go through Benson Kibiti
Amid the looming climate crisis, it is increasingly clear that multilateralism is the most viable path forward. Climate change is not a future risk, but a real threat facing billions of people around the world. It is in every country’s self-interest to work together to address this crisis. This week’s United Nations Climate Summit (COP29) in Baku, Azerbaijan will undoubtedly have its own political dynamics, but issues of climate justice and finance will cast a long shadow over summit negotiations. The stakes in global climate finance have rarely been so high, especially for African countries. The summit, known as the Finance Conference of the Parties, is an opportunity to set new global climate finance targets to address the $1 trillion climate finance gap critical to developing countries. Trillions more are needed. If this problem is not urgently addressed, vulnerable people on the front lines of climate change will sink deeper into despair.
Why rich countries must step up
Ten years into the Paris era of climate action, the world still has much work to do. Rich countries remain key players in setting financial standards to ensure a just energy transition for all, especially for vulnerable countries in Africa facing disproportionate climate impacts. The summit arguably opens a path for rich countries to take center stage in financing climate action – a prospect that brings with it opportunities and challenges for maintaining balance in global climate negotiations.
Fair and adequate climate finance remains the most urgent need for many African countries, which are often least responsible for the climate crisis but hardest hit by its consequences. In fact, developed countries have pledged to raise $100 billion per year for climate action in developing countries, but this goal has been missed or ignored for years. Worse, this number is lower than actual demand, which is estimated to be in the trillions of dollars. In addition to meager amounts, most developing countries suffer from significant restrictive conditions, expensive loans and severe debt burdens. Current climate finance mechanisms lack transparencyexacerbating debt burdens and limiting their ability to adapt effectively.
What African countries really need
Amid uncertainty, African countries came to Baku with a unified and urgent message: piecemeal solutions are no longer enough. They demand substantial, equitable climate action backed by sustainable finance, especially from high-income developed countries, and are prepared to push their demands harder than ever.
The transition from symbolism to responsibilism
By all accounts, developed countries in North America, Asia and the Pacific, and Europe as a whole must finally scale up the belated climate finance, not using accounting gimmicks or high-interest loans, but through grants and concessional financing that developing countries urgently need. Climate change adaptation and mitigation measures. On average, African countries GDP losses of 2%-5%, with many countries misappropriating up to 9% of their budgets Coping with climate extremes. High-income developed countries must stop token gestures and provide real support commensurate with the problems at hand. To date, developing countries have achieved just a small part Previous funding flows were mainly loans rather than grants, exacerbating debt pressures. An Oxfam analysis shows that ever since rich countries committed to a $100 billion target 15 years ago, the climate finance story has been smoke and mirrors – too many loans, too few grants for adaptation. Too little, and too much dishonest and misleading accounting. reveal.
Ambitious new climate finance targets
COP29 must provide an opportunity to propose a more ambitious goal with a quantitative component – New Collective Quantified Goals (NCQG) – Can support developing countries in reducing emissions and adapting to climate impacts. If it doesn’t, the world will slowly roll back on some very critical climate commitments, at a time when everything depends on keeping temperature rises at or below 1.5°C this decade. Climate negotiators must substantiate quantitative targets for climate finance to high qualitative standards to promote fast, just climate action in a way that benefits everyone. They must recognize that justice, fairness and equity are non-negotiable factors that underpin decisions about the means to implement climate action. Africa, South Asia, Southeast Asia and other regions should receive more financial support. If done well, the new goals could alleviate some of the problems that led to the unmet $100 billion goal.
Expand technology and capacity building support
While accountability and financing are critical, they are not enough. Most developing countries, especially those in sub-Saharan Africa, have neither the resources nor the institutions Prepare “bankable” projects It will be eligible for international climate funding. Despite this, many private investors remain reluctant to finance projects that they perceive to be high-risk, low-return, or for which they perceive limited financing opportunities (such as adaptation projects). Support for early-stage project development can significantly enhance the capabilities of these countries. The technical assistance and various capacity-building measures that rich countries will provide could in turn enable these countries to better leverage funds to achieve their climate goals. This will involve compensating for phase-out and de-risking phased investments, enabling capital market investors to invest in large-scale, bankable renewable energy projects.
Why Baku needs delivery
African countries must fight more firmly than ever for accessible and equitable financing. However, just like the 2009 United Nations Copenhagen Climate Summit, COP29 will be seen as a failure if countries do not develop a meaningful and equitable financing framework. The question now remains: Will COP29 deliver on its ambitious goals, or leave vulnerable countries to deal with the climate crisis alone?
Ultimately, we hope that the northern hemisphere’s wealthy, historic polluters will respond to the challenge with substantive climate finance commitments that go beyond token support. The summit must create an environment that demands accountability and real financing mechanisms commensurate with the scale of the crisis. With every passing day, millions more die in Africa. Now, all eyes are on rich countries to set a good example. Baku will be an inflection point that defines climate justice and the cause of finance.
Introduction
Benson Kibiti is a seasoned strategic communications professional with 14 years’ experience in international development, specializing in impactful multi-channel media campaigns in the areas of environmental sustainability, energy, policy, health and agriculture. As a passionate advocate for climate action, he works to change the narrative of a just energy transition in Africa and other emerging economies in the Global South, driving global conversations about climate solutions and innovative responses to the energy crisis. He currently lives in Nairobi.
LinkedIn: https://www.linkedin.com/in/kibiti-benson-502b03166/
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