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The year 2023 was a hot one for Africa, a trend that is accelerating to overcome the global average. The continent experienced deadly heat waves, heavy rains, floods, tropical cyclones, and prolonged droughts. These extreme weather events have had devastating effects on communities and serious economic repercussions, with an estimated 5% of GDP lost by 2040.
Countries in the Horn of Africa, Southern Africa, and North-West Africa have suffered from prolonged droughts, while others have experienced extreme rainfall leading to flooding that has claimed many lives. This only exacerbates existing problems. Extreme weather events are here to stay and will continue to cause death and devastation unless adaptation is a priority.
The cost of adaptation is estimated at $18 billion per year over the period 2010-2050, according to the World Bank. However, the issue of climate justice is highly relevant as Africa produces only 3.8% of global emissions. The continent faces disproportionate burdens and risks arising from climate change-related weather events and patterns, causing massive humanitarian crises with adverse effects on agriculture and food security, education, energy, infrastructure, peace and security, public health, water resources, and socio-economic development in general.
COP29, let’s talk climate finance!
Today marks the first day of COP29, where global leaders are gathering in Baku, Azerbaijan from November 11 – 22.
While COP28 marked the beginning of the end for fossil fuels, the question of climate financing left Africa in the lurch.
It’s worth remembering that the signing of the 2015 Paris Agreement highlighted the financial needs facing the countries of the South. The member states committed to financing projects enabling climate adaptation in the countries of the South.
The initial $100 billion required in 2015 was not reached until 2020, which remains insufficient to meet the demands of African countries. The New Collectively Quantified Target (NCQG) will be at the heart of the discussions in Baku, defining another amount of climate financing.
African countries have set themselves a target of $1,300 billion a year to adapt their countries properly to climate change. This would spur countries and COP29 to make bold and ambitious commitments to combat climate change. COP29 must present the real and realistic financial needs of African countries in terms of adaptation to climate change.
From the point of view of developed countries, the Europeans advocate including more countries in the category of polluters, such as China, Russia, Saudi Arabia and the United Arab Emirates (a former COP host). It’s also worth mentioning that the COP will take place after the US elections, and that Europe is currently experiencing political divisions between the right and left.
These political fragmentations may have an impact on the balance of power during the conference. While Europeans and Americans who are committed to climate justice will remain in the background, and China and Russia will be at the forefront.
Aside from power struggles, there are other focuses that Africa will center its attention on to advance its interests at COP29.
What are the priorities for African countries at COP29?
Structuring and defining the financing of the fight against climate change by industrialized countries vis-Ã -vis developing countries
At present, climate financing from industrialized countries to developing countries remains vague, and no definition has been given to the types of financing. Climate financing can include grants, donations, and loans, which can increase the continent’s debt burden. Negotiations, deliberations, and a unified position are needed to secure grants rather than debts or loans, and to increase project financing.
Addressing the continent’s food security issues within its political context
Around 65% of the continent’s land has been degraded due to limited resources and biodiversity. Agricultural production has fallen to less than 34% since 1961. Political crises have exacerbated existing problems. In Sudan, for example, more than half the population is threatened by hunger. In addition, 13.2 million head of livestock died in Ethiopia, Kenya and Somalia in 2023. The situation remains alarming, for as long as it is ignored, the continent’s climate bill will continue to rise exponentially.
Young people on the front line of climate change adaptation
Africa is known for its strong demographic growth, with a large youth segment. This means that the continent needs to focus on empowering its young people and directing them towards sustainability-oriented jobs. Green jobs need to invade the African labor market to encourage renewable energies and sustainable industries on the continent and move its economy towards a low-carbon one.
Settling negotiations on carbon markets
UN carbon markets under Article 6 of the Paris Agreement will be at the heart of COP29 negotiations, as many governments attempt to sell carbon markets as a solution to both rising temperatures and insufficient climate finance. However, while negotiators must be fair about Article 6 and make it as effective a tool as possible, rich countries must avoid developing an over-reliance on carbon credit markets, thereby shifting the burden of emissions reductions onto developing countries.
As far as developing countries are concerned, carbon markets present significant risks and may offer only limited financial benefits, while incurring unseen additional costs. Selling countries, which will mainly be developing countries, risk jeopardizing the realization of their future NDCs and being unfairly burdened with the sole responsibility of ensuring the long-term existence of carbon credit projects, while large polluters are left out in the cold.
Read Also: COP29 Summit Begins in Baku, Spotlighting Climate Finance, Fossil Fuel Challenges
