Africa's bold demands at COP29: A call for ambitious climate finance

As the world prepares for the 29th session of the Conference of the Parties (COP29) to the UNFCCC, Africa is positioning itself as a critical player in the global climate finance negotiations.

With the upcoming summit in Dubai set to focus on the negotiation of a New Collective Quantified Goal (NCQG), African nations are urging for a shift towards more ambitious and equitable climate finance commitments.

The NCQG aims to mobilize significant financial resources to support climate action in developing countries, particularly in implementing their Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs).

Africa, a continent bearing a disproportionate share of climate change’s adverse impacts, is calling for a reimagined approach to climate finance—one that goes beyond the previous $100 billion commitment, which fell short of meeting the continent's financial needs.

African leaders are advocating for a bold NCQG target that will enable developing nations to fulfill their climate obligations and adapt to climate change’s escalating effects.

Emphasizing the need for climate finance to be provided through grants rather than loans, African nations seek to avoid exacerbating the debt burdens of already struggling economies. The call is for climate finance that is both substantial and well-targeted—addressing adaptation, mitigation, and loss and damage without deepening existing economic vulnerabilities.

Africa demands that the NCQG be informed by scientific evidence, focusing on equity and fairness, with clear distinctions between grants and loans. With African economies reportedly losing 5-9% of GDP annually due to climate impacts, there is an urgent need for increased financial flows to build resilience and adaptive capacity.

The continent has set a clear financial target, seeking $1.3 trillion per year to meet its adaptation and mitigation goals. While ambitious, this figure reflects the scale of the climate challenge and the insufficiency of current commitments from developed nations.

Iskander Erzini Vernoit, Director of the IMAL Initiative for Climate and Development, highlighted the urgency of the moment stating “We cannot continue in an unbalanced system.”

“This is the time to draw a line in the sand and demand serious, new, and additional finance. Otherwise, it risks becoming a performative charade,” added Vernoit.

Julius Mbatia, a Climate Finance Expert, emphasized the need for a tailored financial approach noting that climate finance must be separate from development finance.

“It requires specific principles, including being additional and new, to address the extra burden climate change imposes on developing countries. Strong media and communications engagement is essential to highlight these needs and push for fairness and equity,” he highlighted.

COP29 is expected to be a defining moment for global climate action, with the NCQG negotiations poised to set the course for future climate finance. Africa’s.