Background
Climate Finance is expected to take center stage at this year's United Nations Climate Change Conference (COP29), scheduled from November 11 to 22 in Baku, Azerbaijan. One of the key goals of the Azerbaijan COP Presidency is to renew the global focus on finance as a critical enabler and a key tool for transforming climate ambitions into concrete actions through emission reductions, climate adaptation efforts, and addressing loss and damage.
African countries are already bearing the brunt of the effects of climate change, despite contributing little to its causes. The funding gap - particularly in climate adaptation and loss and damage - poses one of the greatest challenges. Conservative estimates indicate that Africa needs US$2.5 trillion annually in conditional and unconditional financing between 2020 and 2030 to implement their nationally determined contributions (NDCs) under the Paris Climate Agreement. However, the continent currently receives just US$30 billion per year in climate finance. Moreover, the cost of addressing climate change is expected to rise exponentially. For loss and damage alone, Africa may need as much as US$580 billion annually by 2030 and US$1.7 trillion annually by 2050.
When finance is provided, it often takes the form of loans or other instruments that risk exacerbating existing inequalities in African countries. Beyond the pressing need for more climate finance, there is an urgent need for reforming the global financial architecture. Without these reforms, African countries along with many others in the Global South, will remain constrained, unable to take needed measures to adapt, build resilience, and mitigate further damage.
Against this backdrop, what are the expectations of African countries at COP 29? What concrete reforms would African states like to see implemented in the existing financial mechanisms and architecture? What steps must COP 29 take to close the financing gap, particularly in relation to climate adaptation and loss and damage? Finally, how can climate finance be effectively and sustainably delivered to African countries to ensure just climate futures for all?
These key questions will be the focus of this online workshop, hosted by the Friedrich-Ebert-Foundation and APRI – Africa Policy Research Institute.
The Speakers
Manuela Mattheß
Speaker
Manuela Mattheß is currently working as a policy officer on international climate and energy policies for the Friedrich-Ebert-Stiftung.
Speaker
Dr. Olufunso Somorin
Speaker
Dr. Olufunso Somorin is a Regional Principal Officer at the African Development Bank.
Josefine Greber
Speaker
Josefine Greber works as a Senior Policy Officer in the Climate Policy Unit of the Federal Ministry for Economic Cooperation and Development.
Anjatiana Radoharinirina
Speaker
Co-founder of AIKA from Madagascar
Boitumelo Molete
Speaker
Social Development Policy Coordinator at COSATU
Moderation
Dr. Grace Mbungu
Moderator
Dr. Grace Mbungu is a Senior Fellow and Head of Climate Change Program at APRI - Africa Policy Research Institute.