Africa Demands $1.3 Trillion in Climate Finance Amid COP29 Disappointment

Baku, Azerbaijan – In a bold move, African leaders have called for a substantial increase in climate finance, seeking $1.3 trillion annually from 2025 to 2030.

This ambitious demand was made during the 29th United Nations Climate Change Conference (COP29), where African nations expressed frustration over the lack of progress in securing adequate funding to combat climate change.

The African Group of Negotiators emphasized that this significant financial boost is essential for addressing the pressing needs of adaptation, mitigation, and loss and damage resulting from climate change.

The demand marks a significant escalation from the previous target of $100 billion per year, which was widely regarded as insufficient to meet Africa’s climate challenges.

African leaders stressed that equitable financial support is crucial for vulnerable countries to adapt and build resilience against climate-related challenges.

They argued that this demand is rooted in justice, citing the UN Framework Convention on Climate Change, which obliges developed countries to support developing nations affected by the climate crisis with financing and technology.

Despite Africa contributing less than 4% of global greenhouse gas emissions, the continent bears a disproportionate burden of climate impacts.

Currently, Africa receives only about 3 to 4% of global climate finance, a figure that the African Development Bank aims to increase to 10% by 2030.

The COP29 summit, dubbed the finance COP, was expected to deliver significant commitments on climate finance.

However, African leaders left disappointed, as their demands for increased funding were not met. The failure to secure the desired level of climate finance has raised concerns about the ability of African countries to achieve their climate goals and meet the Sustainable Development Goals.

Climate Finance Demand: African leaders are seeking $1.3 trillion annually in climate finance from 2025 to 2030.

COP29 Disappointment: The COP29 summit failed to meet Africa’s expectations for increased climate funding.

Climate Challenges: Africa faces significant climate-related challenges despite contributing minimally to global emissions.

Future Actions: The African Development Bank is working to increase Africa’s share of global climate finance and unlock investment for energy and climate initiatives26.