COP29: African leaders call for urgent action on climate finance

At Africa Day during COP 29 in Baku, African leaders addressed financingclimate adaptation and fostering green growth on the continent. Notable participantsincluded Ms Josefa Sacko, African Union Commissioner for Agriculture, RuralDevelopment, Blue Economy, and Sustainable Environment (3rd from left); Mr BenedictOramah, Chairman of Afreximbank (4th from left); and Mr Musalia Mudavadi, Kenya’sPrime Cabinet Secretary, representing President William Ruto (3rd from right). Picture: African Development Bank

At Africa Day during COP 29 in Baku, African leaders addressed financingclimate adaptation and fostering green growth on the continent. Notable participantsincluded Ms Josefa Sacko, African Union Commissioner for Agriculture, RuralDevelopment, Blue Economy, and Sustainable Environment (3rd from left); Mr BenedictOramah, Chairman of Afreximbank (4th from left); and Mr Musalia Mudavadi, Kenya’sPrime Cabinet Secretary, representing President William Ruto (3rd from right). Picture: African Development Bank

Published Nov 27, 2024

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As COP29 comes to a close in Baku, Azerbaijan, African leaders and policymakers unveiled ambitious initiatives aimed at addressing the continent’s mounting climate challenges while pushing for equitable global solutions.

With Africa on the front lines of climate change, leaders demanded urgent financial commitments and fair valuation of the continent’s green assets. The Climate Investment Funds Capital Markets Mechanism (CCMM) announced a bond listing on the London Stock Exchange to drive climate finance for Africa.

This initiative, described as a "first of its kind" by African Development Bank President Akinwumi Adesina, seeks to leverage multilateral resources to unlock private capital for urgent climate action. “New models are needed to secure larger climate finance for developing countries,” Adesina stated.

Meanwhile, the African Union called for the operationalisation of the global “loss and damage fund” established at COP28. Speaking on Africa Day, Afreximbank President Benedict Oramah emphasised that the financing gap—estimated at $1.3 trillion annually—poses an immediate threat to climate resilience and adaptation efforts.

A stark spotlight was cast on Africa’s clean cooking crisis, with over 83% of Sub-Saharan Africans still dependent on biomass fuels. This reliance results in 4 million premature deaths annually and costs the region over $790 billion in health and environmental damages.

Tanzania’s Vice President Philip Mpango decried the preventable deaths of women due to lack of clean cooking access, while Kevin Kariuki, Vice President of the African Development Bank Group, called for $4 billion in annual funding to achieve universal clean cooking access by 2030.

Adesina also raised alarm over what he termed a “carbon grab,” criticising the undervaluation of Africa’s green assets.

A new report, Measuring the Green Wealth of Nations, calls for pricing Africa’s natural resources correctly to unlock green financing. “It is time for Africa to turn its massive green assets into wealth,” Adesina declared, urging for these resources to be integrated into a “green GDP” framework.

Themed “Scaling up Financing for Climate Adaptation and Green Growth in Africa,” Africa Day discussions underscored the need for private financing to complement public efforts. UNECA executive secretary Claver Gatete highlighted the urgency of establishing a New Collective Quantified Goal (NCQG) to provide financing based on Africa’s real needs.

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