African Nations Demand Fairer Climate Financing at COP 29
At COP29 in Baku, African countries advocated increasing climate finance and reforming the global financial system to support green projects. A key focus is the New Collective Bargaining Agreement (NCQG), which aims to replace the outdated commitment of developed countries to provide developing countries with $100 billion per year – a financial target that, despite being in place for 15 years, will not be achieved until 2022 . African countries, which account for just 4% of global emissions, are disproportionately affected by climate change and seek more equitable access to resources to adapt and mitigate climate change. Meanwhile, the African Development Bank (AfDB) has launched a plan to include African environmental resources such as carbon sinks in estimating the continent’s wealth, aiming to provide countries with better access to finance from international markets. According to the bank’s estimates, this move could increase Africa’s nominal GDP by US$66 billion in 2022, providing it with the financial capacity to finance green investments.
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