As COP29 Kicks Off, African Leaders Demand Fair Climate Finance Solutions

By Aoma Keziah,

As COP29 opens in Baku, Greenpeace Africa calls on world leaders to deliver ambitious climate finance to African nations bearing the brunt of the climate crisis. With climate finance to developing countries dwarfed by fossil fuel industry’s profits and subsidies, African communities who have contributed least to the crisis are calling for immediate implementation of a Climate Damages Tax on polluters to fund loss and damage reparation.

“Africa stands at a critical crossroads. Establishing an ambitious New Collective Quantified Goal (NCQG) is crucial for scaling up climate finance to developing countries, particularly in Africa to tackle the scale of the prevailing crisis. As world leaders discuss, they should bear in mind the devastating droughts in the Horn of Africa and catastrophic flooding in West and Southern Africa that continue to threaten lives, livelihoods, and food security across the continent. Without a climate finance that is fit for purpose, most African countries will be unable to deliver on their NDCs.” Said Murtala Touray, Program Director at Greenpeace Africa.

They also said that while the continent contributes the least to global emissions, people suffer the most severe consequences of climate change, that time has come for wealthy nations and fossil fuel companies to pay their fair share. They  demanded that the implementation of a Climate Damages Tax on fossil fuel extraction to ensure climate justice for marginalised African communities.

Their research shows climate change could cost African economies 15% of GDP by 2030. At the same time, Africa has 40% of global solar potential but receives only 2% of renewable energy investment, while renewable energy projects create 3-5 times more jobs than fossil fuel projects

“African nations possess immense potential to lead the global transition to renewable energy, but this potential is undermined by continued fossil fuel exploitation and inadequate climate finances. The implementation of the COP29 agreement must deliver concrete plans aligned with the 1.5°C goal, specifically on a new collective quantified goal on finance. We refuse to let COP29 become another platform for empty promises, promoting false solutions and greenwashing.” Remarked Fred Njehu, Pan African Political Strategistat Greenpeace Africa.

Greenpeace  demands that implementation of a Climate Damages Tax on fossil fuel companies to fund loss and damage reparation, significant increase in public climate finance through the NCQG, prioritising African nations’ adaptation and mitigation needs, concrete commitments for a rapid and just transition away from fossil fuels, strong safeguards against false solutions such as carbon offsets that threaten Africa’s carbon-dense ecosystems and recognition and elevation of African voices, including youth activists, indigenous communities, and civil society organisations in addressing the climate crisis, for COP29.