African governments looking to COP summit for higher climate financing share

Republic of Rwanda's Minister of Environment Jeanne d'Arc Mujawamariya, CEO and Special Representative of the UN Secretary-General (UN SRSG) for Sustainable Energy for All Damilola Ogunbiyi, Danish Minister for Development Cooperation and Global Climate Policy Dan Joergensen and Maldives Minister?of Climate Change, Environment and Energy, Thoriq Ibrahim attend the session of discussion on the Global Cooling Pledge aimed at reducing emissions and exploring sustainable cooling solutions, during the United Nations Climate Change Conference (COP28), in Dubai, UAE, 5 December 2023. Reuters/Thaier Al-Sudani/File Photo

African negotiators have drawn up a list of strategies which will be presented to a pre-COP29, or Conference of the Parties, preparatory meeting of African ministers of environment in Ivory Coast next month.

The 54-nation continent has been attracting more funds for climate mitigation and adaptation projects in recent years, but it still gets less than 1% of the global climate financing on an annual basis, government officials said.

"One percent for Africa in terms of financing is a joke," Alice Wahome, Kenya's minister for housing and urban development, said at the meeting.

The 1% is of the global climate financing estimated at just over $100bn, while Africa requires investments of up to $1.3tn, officials said, without providing a time frame for by when the amount is needed.

Limited access to external funding is forcing many governments on the continent to allocate parts of their budgets to climate adaptation measures, said Raila Odinga, a Kenyan politician who is vying to become the head of the African Union Commission at an election set for next year.

Huge debt costs mean climate spending could make emerging nations insolvent

Libby George  16 Apr 2024

Such extra expenditure comes at a time when many African economies are already struggling with debt, said Ali Mohamed, the co-chair of the African group of climate negotiators.

One way of increasing Africa's share of climate cash is to boost access to existing global funds set up for the purpose, Mohamed said, such as the Green Climate Fund and the Global Adaptation Fund.

Kenya has enacted laws to allow for issuance of sovereign green bonds as a way of increasing its share of climate finance, the country's Finance Minister John Mbadi said at the meeting.

The East African nation is also in talks with development partners on innovative green financing deals to funnel debt payment savings towards projects, Kenyan officials said, without providing further details.