African Nations Push for $1.3 Trillion in Annual Climate Financing at UN's Cop29 Summit

Monday, the United Nations' 29th Conference of the Parties (Cop29) summit opened in Azerbaijan with African nations calling for a dramatic increase in climate financing to help their countries transition to renewable energy, adapt to climate impacts, and address damage from climate-related disasters.
The target represents a massive 13-fold scaling up of finance for developing nations, with $1.3 trillion (€1.22 trillion) set as the annual goal by the end of 2030. This figure comes after a significant investment increase in recent years, which currently sits at between $105 and $115 billion (€98-€108 billion) for 2025.
For African countries, securing climate funds is not just about survival but about a fair transition that acknowledges the disproportionate burden they bear from a crisis they did not primarily cause. The continent has already experienced devastating cyclones in southern Africa, severe droughts in the Horn of Africa, and flooding across multiple regions – disasters that have underscored the urgent need for both adaptation funding and compensation for loss and damage.
"We don't want this goal to be just a round number that sounds good politically, but one that truly meets the needs of developing countries," said Tosi Mpanu Mpanu, the negotiator from the Democratic Republic of Congo. "We hope these funds, if mobilised, will have better disbursement methods because often the money is there, but we can't access it."
The summit comes at a crucial moment for nations grappling with mounting climate impacts while already facing significant debt burdens. Many African countries want funding to come in the form of grants rather than loans to avoid deepening their existing financial stresses.
Geopolitical tensions also loom large over the talks, as concerns about potential shifts in US climate policy following the election of Donald Trump threaten to derail negotiations. The event marks a crucial testing ground for the African negotiators' group's strategies beyond traditional climate frameworks, with multiple diplomatic channels pursued simultaneously.
"We are discussing this a lot within our group – looking at the bilateral side," Seyni Nafo, spokesperson for the African negotiators' group and chair of the Green Climate Fund, told RFI. "Africa now has a seat at the G20, which wasn't the case in 2016. African heads of state are much more active on climate issues."
Despite global political uncertainties, African nations say they're pursuing multiple diplomatic channels to secure their interests.
In related news, recent greenhouse gas levels have set records for decades of global warming, increasing vulnerability to climate impacts and making a fair transition even more critical.
As the summit continues in Azerbaijan, African countries press on to achieve their ambitious climate financing goals.