By Kolawole Ojebisi
As the COP 29 rounds off today, the African Group of Negotiators (AGN) has tabled $1.3trn per annum as the amount required to finance climate-related development across the continent.
This is one among many other demands by the developing countries participating in the COP 29.
Ali Mohamed, AGN chair, spoke on Thursday during a high-level ministerial dialogue at the ongoing COP29 in Baku, Azerbaijan.
Mohammed said adaptation is Africa’s “lifeline”, highlighting the urgent need for developed countries to increase climate finance for the continent.
The group demanded more than $1 trillion annually from 2026 to 2030 to support Africa’s “special needs and circumstances”.
Mohamed noted that climate finance and adaptation are Africa’s top priorities, alongside other critical issues such as mitigation, carbon markets, and the global stocktake (GST).
The AGN chair said the continent requires $52.7 billion annually by 2030 for adaptation but currently receives less than 25 percent of that amount.
He said while world leaders speak of doubling adaptation funding, the target remains unmet and would merely close five percent of the global adaptation gap.
“Africa needs $52.7 billion annually by 2030 for adaptation, yet we receive less than 25 percent of it. Worse, 65 percent comes as loans – forcing our nations to take on debt for a crisis we didn’t create. This is not just morally wrong; it’s economically short-sighted,” he said.
“Every $1 invested in making infrastructure resilient saves US$4 in reconstruction. A $1.8 trillion investment could generate $7.1 trillion in benefits by 2030.
“To the international community: Triple, don’t double, adaptation funding by 2025. Shift from loans to grants. Act now because every day of delay makes our challenge more expensive and more difficult.”
Central to this year’s discussions is a new collective quantified goal (NCQG) for climate finance to support developing nations tackle the climate crisis.
Mohammed said $1.3 trillion mobilisation target per year until 2030 is both Africa’s and other developing countries quantified finance ask at this year’s conference.
The AGN chair said the NCQG must deliver “a responsive finance goal” for developing countries towards supporting the implementation of their national climate actions plans.
“The NCQG provision target for developed countries should be $600 billion per annum – implying a target of less than 1.4 per cent of developed countries’ Gross Domestic Product (GDP) per year from 2025,” he said.
“The NCQG must be geared towards delivering results such as the tripling of renewable energy, the doubling of energy efficiency and addressing climate risks.
“The NCQG should consist of a $600 billion publicly provided and a $700 billion publicly mobilised component, with a total quantum goal of $1.3 trillion per annum between 2026 and 2030.”
The AGN, comprising a representative from each African country selected to lead the group for two years, is the continent’s negotiating bloc at COP meetings.
