Africa Seeks Bigger Share of Global Climate Financing at COP Meetings

Representatives from African countries aim to secure a larger portion of global climate financing at the upcoming U.N. COP meetings. Despite receiving more funds recently, Africa still gets less than 1% of the global climate financing. Strategies will be presented at a preparatory meeting in Ivory Coast next month.

African countries are making a concerted push to secure a significant share of global climate financing at this year's U.N. COP meetings to combat the increased threats posed by climate change. Representatives discussed their goals and strategies during a meeting in Kenya on Thursday.

The African negotiators have developed a list of strategic actions to be presented at a pre-COP 29 preparatory meeting of African ministers of environment in Ivory Coast next month. Currently, the 54-nation continent receives less than 1% of global climate financing annually, despite attracting more funds for climate projects in recent years.

'One percent for Africa in terms of financing is a joke,' said Alice Wahome, Kenya's Minister for Housing and Urban Development. African officials emphasized the need for investments up to $1.3 trillion to meet the continent's climate adaptation requirements. Limited external funding forces many African governments to allocate significant portions of their budgets to climate measures, straining already debt-laden economies.

African negotiators proposed increasing access to existing global climate funds, such as the Green Climate Fund and the Global Adaptation Fund. Kenya has also implemented laws to issue sovereign green bonds to enhance its climate finance share. Kenyan officials revealed that discussions with development partners on innovative green financing deals are ongoing, aiming to redirect debt payment savings towards climate projects.

(With inputs from agencies.)