African Nations Push for $1.3 Trillion in Annual Climate Financing at UN Summit
Azerbaijan - The United Nations' Cop29 climate summit began on Monday with African nations calling for a significant increase in climate financing to help the continent transition to renewable energy, adapt to climate impacts and address damage from climate-related disasters.
The target is a massive 13-fold scaling up of finance for developing nations, with Africa seeking $1.3 trillion (€1.22 trillion) annually by 2030. The proposed funding level represents a significant increase from the current $105-115 billion (€98-€108 billion) per year for 2025.
The African delegation has emphasized the need for a structured increase in climate finance, with a minimum base of $110 billion (€103 billion) by 2025 and the target amount reached by 2030. The continent's priorities include transitioning to renewable energy and building resilience to climate impacts, such as floods, droughts, and cyclones that have become increasingly frequent in recent years.
African countries want funding in the form of grants rather than loans, which would help alleviate their existing debt burdens. Many African nations face significant challenges in accessing climate funds due to bureaucratic hurdles, so making the money more readily available is considered crucial alongside increasing the overall amount.
The talks come at a critical moment for nations grappling with mounting climate impacts while already facing significant debts. The summit takes place amid concerns about potential shifts in US climate policy following the election of Donald Trump, whose first term saw the US withdraw from the 2015 Paris Agreement. Washington rejoined the accord under President Joe Biden.
African negotiators are developing strategies that look beyond traditional climate frameworks, taking into account shifting global positions and diplomatic channels. "Our strategy is to also work on a bilateral US-Africa agenda, and we believe that Africa has some strong cards to play," said Seyni Nafo, spokesperson for the African negotiators' group.
The African delegation at Cop29 will push for increased climate financing, which will help address pressing climate issues in Africa. The summit's focus on establishing a new climate finance goal comes as global temperatures continue to break records, and the continent's vulnerability to climate-related disasters is increasingly acknowledged.
In this critical moment, African nations are seeking a fair transition that acknowledges the disproportionate burden they bear from the crisis they did not primarily cause. With little progress at previous climate summits, Africa demands more action and increased funding to support its climate ambitions.