African experts call for fair climate change financing
Climate experts from Africa are set to discuss financing issues that will be the main agenda at the upcoming COP29 climate conference in Baku this November, Azernews reports, citing EnviroNews Nigeria.
The meeting of the African Group of Negotiators on Climate Change kicks off in Nairobi, Kenya today and will conclude on August 16. In the lead-up to the event, a consultative meeting was also held where experts discussed important issues related to shaping climate financing for African countries.
Experts emphasized that developed countries should allocate at least $5.9 trillion to developing nations by 2030, taking into account growing needs and priorities, the necessity of adaptation, mitigation, ensuring a fair energy transition, as well as compensating for losses and damages.
They also called on developed countries not to derail climate negotiations this year with discussions about contributions and donors, and to focus on their obligations under the Paris Agreement to finance climate actions.
Climate expert Samson Mbeve noted that the New Collective Quantified Goal on Climate Finance (NCQG), considering the needs and priorities of developing countries, should move away from debt instruments, especially those masquerading as climate financing.
"Developing countries are in dire need of grants, especially for their adaptation efforts. Loans of any sort would need a higher degree of concessionality. With many developing countries already burdened by significant debt, adding more through ‘climate finance’ could deepen financial struggles rather than help," he said.
Mbeve added, "We also need to remember that developed nations have a responsibility to help those who have been most affected by climate change. The NCQG should focus on fair and sustainable solutions that genuinely support global efforts without creating additional financial strain."
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