Climate change is reducing Africa’s economic growth by up to 5%, according to the United Nations climate chief. He stressed the need for increased investments to help African countries adapt to the crisis.
Despite Africa contributing less in global emissions, it receives just 1% of the world’s annual climate financing.
“The climate crisis is stalling economic progress,” stated Simon Stiell, executive secretary of the UN Framework Convention on Climate Change (UNFCCC), during a meeting of African environment ministers in Abidjan, Ivory Coast.
At the pre-COP29 preparatory meeting, African governments and negotiators discussed strategies for addressing climate challenges. True to that; despite some investment in climate mitigation and adaptation, Africa receives a small fraction of the $100 billion global climate fund, a figure far short of the $1.3 trillion needed for the continent’s sustainability.
Stiell noted that underinvestment is preventing Africa from reaching its full potential in driving climate solutions. For example, $4 billion annually is needed to phase out traditional cooking fuels like wood, which contribute to greenhouse gas emissions. However, out of the $400 billion spent on clean energy last year, only $2.6 billion went to African countries.
As COP29 approaches in Baku, there are growing calls for Africa to secure more climate financing. Stiell emphasized the need for innovative financing methods that won’t exacerbate the continent’s debt burden. Hanan Morsy, chief economist at the United Nations Economic Commission for Africa (UNECA), suggested options like debt refinancing, swaps, and carbon markets as potential solutions.
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