Africa is grappling with the severe economic impacts of climate change, which is draining up to 5% of the continent’s GDP, according to Simon Stiell, the UN climate director.
Despite contributing minimally to global emissions, African nations are bearing a disproportionate share of the consequences.
In Abidjan, Ivory Coast, at a gathering of African environment ministers, Stiell emphasized the urgent need for increased climate financing.
Africa, with its 54 countries, currently receives only 1% of the global climate finance available each year, even though the continent faces significant environmental challenges such as droughts, floods, and food insecurity.
At the pre-COP29 preparatory meeting, African governments and climate negotiators discussed strategies to tackle these challenges.
While there has been a rise in investments directed towards climate mitigation and adaptation, Africa still sees only a fraction of the $100 billion in global climate funds.
To properly address the climate crisis on the continent, officials estimate that Africa requires $1.3 trillion.
However, the timeline for obtaining these funds remains unclear. Stiell also pointed out that $4 billion annually is needed to phase out traditional cooking fuels like wood, which contribute significantly to greenhouse gas emissions.
Last year, while $400 billion was spent globally on clean energy, Africa received a mere $2.6 billion.
This funding gap is particularly alarming given the rising costs of food production and increasing hunger due to climate-related disasters.
As COP29 in Baku draws near, African leaders are pushing for more substantial climate financing.
Hanan Morsy, chief economist of the United Nations Economic Commission for Africa (UNECA), has suggested alternative funding strategies, such as debt refinancing, swaps, and carbon markets, to help Africa adapt without worsening its debt burdens.
