The African Continent emits only some 3 percent of global Co2 emission yet is among the most exposed to climate change. The leader of two dozen Africa countries have urged wealthier nations to uphold their pledges so the continent can tackle climate change effects for which it shares little blame.
African ministers made their call in a communiqué at the close of a three day forum in the capital cairo on Friday and two months before Egypt host a crucial Cop27 climate conference in sharm el-sheikh in November. We urge “developed countries to fulfill their pledges in relation to climate and development finance, and deliver on their commitment to double adaptation finance in particular to Africa the 24 leaders said in a closing statement.
The African continent emits only some three percent of global Co2 emission former UN chief Ban ki-moon noted this week. And yet Africa Nation are among those most Exposed to the effects of climate change, notably worsening droughts and floods.
The African leaders said financial aid was needed in view of “disproportionate impact of Climate Change and nature loss on the African continent”. Africa not only has a “low carbon, footprint” they said, but also plays key role in capturing greenhouse gases, including in the Congo Basin, which is home to the world’s second-largest tropical rainforest after the Amazon.
The communiqué urged rich countries to meet and expands climate pledges; said poor countries should be able to develop economically while receiving more funds to adapt to the effects of climate change. The document stressed “the need to avoid approaches that may encourage abrupt disinvestment from fossil fuels, as this will threaten Africa’s development.
The role of gas in the transition to cleaner energy is set to be a key point of contention at Cop27. Climate activist say it needs to be quickly phased out and replaced with renewable. But, Nigerian Finance minister Zainab Ahmed told the Cairo forum that gas was a matter of survival for her country. “If we are getting renewable priced finance to develop gas, we are denying the citizens in our countries the opportunities to attain basic development,” she said.
The communiqué also called for focusing on climate change in a review of Multilateral Development Bank and International Financial Institutions. It suggested the creation of a sustainable sovereign debt hub that could reduce the cost of capital for developing states and support debt-for-nature swaps.
Funding to help poorer countries could curb their emission and strengthen their resilience will be key issue at Cop27. The longstanding goal for developed countries to spend $100bn a year from 2020 on helping vulnerable nations adapt to climate change remains unmet. According to the African Development Bank the continent will need as much as $1.6 trillion between 2020 and 2030 for its own efforts to limit climate change and to adapt to the diverse effect that are already apparent.
Kevin Chika Urama, Chief Economist at the African Development Bank said Africa faced a climate financing gap of about $108bn each year. “Climate finance structure today is actually biased against climate-vulnerable countries. The more vulnerable you are the less climate finance you receive”, he said.