COP29: Weak Finance Deal a Major Setback for Africa's Climate Resilience
The lead-up to COP30 in Belém, Brazil, will be vital for ensuring that the $1.3 trillion roadmap delivers tangible benefits for Africa and other developing regions.
BAKU, Azerbaijan— The outcome of COP29 has been criticized for a weak climate finance deal that jeopardizes Africa's climate resilience, writes Winston Mwale.
After two weeks of intense negotiations, countries reached an agreement that failed to address the urgent needs of developing nations.
“This weak climate finance deal is a blow to Africa and the global fight against climate change,” said James Reeler, Senior Manager for Climate Action at WWF South Africa.
He emphasised that Africa, with minimal emissions contributions, experiences severe climate impacts, such as extreme droughts and food insecurity.
“Without adequate finance, communities across the continent remain vulnerable to the growing climate crisis,” Reeler added.
The recent G20 summit reiterated the necessity to scale up climate finance from billions to trillions.
However, the commitment of $300 billion a year by 2035 falls significantly short of this goal and lacks immediacy.
COP29’s vague roadmap towards achieving $1.3 trillion in finance for developing countries by 2030 raises concerns about its feasibility.
Africa, needing $2.8 trillion for adaptation and mitigation by 2030, risks being left behind without substantial commitments.
Durrel Halleson, WWF Africa Policy and Partnerships Manager, noted that while nature was discussed in side events, it was not prioritised in formal negotiations.
“Africa depends on its ecosystems for survival,” he stated.
He warned that weak signals on nature-based solutions could sideline crucial climate-biodiversity synergies.
WWF urges developed nations to exceed existing financial commitments and explore innovative solutions like green bonds and debt-for-adaptation swaps.
The lead-up to COP30 in Belém, Brazil, will be vital for ensuring that the $1.3 trillion roadmap delivers tangible benefits for Africa and other developing regions.