African Policymakers Unite To Unlock Climate Finance Post Cop

At COP29, nearly 200 countries gathered with a primary focus on addressing the climate finance gap. The United Nations Framework Convention on Climate Change UNFCCC estimates that developing countries will require over 1 trillion annually by 2030 to adapt to and mitigate the impacts of climate change. However, the final agreements from the summit in Baku saw developed nations pledge a more modest increase in their financial commitments, aiming to triple their annual contributions from 100 billion to 300 billion by 2035.

A more ambitious goal was set to mobilize 1.3 trillion annually from a mix of public and private sources by 2035. This funding is intended to drive investments in renewable energy, climate adaptation, and resilience infrastructure across developing nations, particularly in the Global South. These funds could play a crucial role in enabling a fair energy transition for African nations while addressing the intensifying effects of climate change.

For Africa to attract private sector investment and significantly scale up climate-related financing, strong political will is essential. Africa already demonstrates a significant commitment to climate action, with 20 out of 32 signatories to the Green Energy Zones and Corridors Pledge at the Climate Parliament being African countries. However, overcoming the perception challenges around investment remains a key barrier to unlocking these much-needed funds.