African leaders are expecting ambitious financial commitments in the lead-up to the upcoming climate talks. The African Ministerial Conference on the Environment (AMCEN) has called for the adoption of a New Collective Quantified Goal (NCQG) on climate finance. This new goal would require wealthy nations to mobilize at least $1.3 trillion annually for developing countries, starting in 2025. This amount would replace the previous $100 billion per year pledge made in 2009, which was not fully met.
The next round of climate talks, COP29, will take place in Baku, Azerbaijan, this November. The African Group of Negotiators will present the consolidated views of AMCEN, aiming to secure increased climate finance flows to Africa through sustainable means that do not exacerbate debt burdens.
The goal is to enhance the continent’s resilience and adaptation efforts against climate change and facilitate a just transition. This stance is echoed by ministers from the 45 least developed countries (LDCs), who recently met in Lilongwe, Malawi. They advocate for a science-based climate finance goal that accurately reflects developing countries’ needs, with a focus on increased public finance and grants.
LDC ministers estimate that their countries need at least $1 trillion to achieve current climate goals and stress that only concessional finance should be considered as climate finance. Grants and concessional funds are particularly critical for adaptation and addressing loss and damage, given that rich nations have historically contributed most to greenhouse gas emissions.
Evans Njewa, chairperson of the Least Developed Countries Group, emphasized that COP29 must deliver more than promises, providing the necessary resources to protect those most affected by climate change. Amos Wemanya from Greenpeace Africa urged for robust, debt-free climate finance and warned against relying on carbon offsets and private finance, which have proven to be inadequate.
Iskander Vernoit of the Imal Initiative for Climate and Development highlighted that African countries are already dedicating a significant portion of their GDP to climate change despite being less responsible for the crisis. Yared Deme from the World Resources Institute Africa noted that proposals should address the urgent needs of countries for adaptation, loss and damage, and a transition to low-carbon economies.
Julius Mbatia, a climate finance expert, criticized the global financial system for not meeting the needs of developing countries. Joab Okanda, a climate and energy policy expert, called for adaptation finance to be provided at a scale that reflects the assessed needs.
Both AMCEN and LDC ministers are urging international financial institutions and multilateral development banks to reform their funding approaches, making them more responsive to Africa’s needs, revising finance terms, and supporting debt restructuring and relief.
They also seek urgent operationalization and capitalization of the Loss and Damage Fund and the Santiago Network, which connects vulnerable countries with technical assistance and resources. Additionally, they call for the Global Goal on Adaptation to be fully implemented to ensure adequate support for adaptation measures, with a focus on finance, capacity building, and technology transfer. The annual adaptation finance requirement is estimated at around $360 billion, compared to about $18 billion available in 2019.
