The African Development Bank (AfDB) is calling for an increase in climate finance for Africa at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, as the continent faces severe climate impacts yet receives only 3-4% of global climate funds.
The COP29 summit will run until November 22, and has gathered delegates from nearly 200 countries, along with business leaders, climate experts, Indigenous Peoples, and other stakeholders. The summit aims to create a cohesive global plan to mitigate climate change and enhance climate finance for developing nations.
Supporting African Negotiators for Stronger Representation
AfDB is also seeking to fortify the presence and influence of African voices within climate negotiations. For years, AfDB has been a steadfast ally to the African Group of Negotiators (AGN), providing financial backing, technical expertise, and resources to equip African nations with the means to effectively participate in critical discussions. This support is crucial as the AGN tackles challenging areas like adaptation, mitigation, and the operationalization of the new Loss and Damage Fund, which aims to assist countries severely affected by climate-related disasters.
Additionally, AfDB is backing efforts to establish fair carbon market structures and frameworks for a Just Transition, which seek to mitigate the economic impact of shifting to low-carbon energy in African countries.
Pushing for Increased Climate Finance Commitments
Africa remains one of the world’s most climate-vulnerable regions, and AfDB will use its platform at COP29 to push for a more substantial share of global climate finance to be allocated to African nations. One of the key objectives is fulfilling the Glasgow Climate Pact’s pledge to double adaptation finance, a move that would benefit Africa’s ongoing and future adaptation projects.
AfDB is further urging global leaders at the COP29 summit to commit more funds through its initiatives, such as the Climate Action Window and the African Adaptation Acceleration Program. Through these channels, AfDB aims to mobilize substantial financing for projects that directly address Africa’s climate challenges. These projects range from enhancing water and food security to expanding renewable energy access across the continent. The Adaptation Benefits Mechanism, an AfDB innovation, is also in the spotlight as it seeks to incentivize adaptation investments that directly benefit vulnerable communities while contributing to global resilience.
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Showcasing African-Led Climate Solutions
COP29 will also serve as an opportunity for AfDB to showcase successful African-led initiatives in climate resilience and renewable energy. The Bank’s “Desert to Power” project, for instance, is harnessing the solar potential of the Sahel region, working to transform it into a renewable energy hub while supporting local economic development. Other flagship initiatives by afdb at the COP29 summit include the Africa NDC (Nationally Determined Contributions) Hub, which assists African nations in meeting their Paris Agreement commitments, and the Technologies for African Agricultural Transformation (TAAT) program, which promotes climate-smart agriculture across the continent.
The Africa Pavilion at COP29, hosted by AfDB in collaboration with regional partners, will also provide a platform for highlighting the continent’s progress in adaptation, renewable energy, and sustainable development. The Pavilion amplifies the African voice in climate discussions and showcases solutions that can be scaled globally to address climate challenges.