African negotiators like PACJA and AFDB and individual climate activists like Mr. Climate and Karabo Mokgonyana have helped market Africa’s potential and acquired investment. However, the agreed $250 billion annual climate finance deal is a significant setback for the continent, as it is already grappling with the wrath of climate change.
Ministers from rich countries agreed on the deal overnight though their efforts have received criticism globally. True to that, the merely $300 bn is only a fraction of the $1.3 trillion climate funding agreement.
Automatically, struggling African nations will yet again depend on loans to manage climate calamities. Moreover, some, like Chad, Kenya, and South Sudan, are still struggling with past effects of increased temperatures, flooding, cyclones, and rising sea levels.
Importantly, it’s time for the continent to get back to the drawing board. Activists suggest generating climate funding from within by trading with each other and maximizing Africa’s rich mineral resources. This includes supporting local investors in the renewable energy sector and small-scale farmers.
Therefore, there should be a better business environment where African countries can easily share resources and expatriates. This was echoed at the COP29 Summit, where global leaders urged African nations to eliminate corruption and avoid opportunistic deals from foreign investors.
Considering the COP29 failed finance talks, it might be time to consider parting ways with stalling investors and grantors. It’ll create more opportunities for Africa’s green energy or environmental-related start-ups.
Meanwhile, the continent, through its leaders, should continue pushing for climate justice. Emitting only 4% of the global gas, the continent has already suffered enough for a problem it had no hand in.
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