Cop29 out to push for more climate finance to poor countries

Global leaders and policymakers in the Climate Change ecosystem are currently gathering in Baku for the 29th Conference of the Parties (COP29), with a specific focus on unlocking financing for the Green transition in emerging and developing economies, particularly in African countries. CNBC Africa recently spoke to Durrel Halleson, Manager of Policy & Partnerships at WWF, who is attending the conference in Baku to gain more insights into the critical issues surrounding climate change and sustainable development. Halleson emphasized the importance of climate finance as a key driver for meaningful climate action, especially in the context of achieving the 1.5-degree Celsius target set out in the Paris Agreement. African countries, facing severe impacts of climate change such as droughts and famine, are advocating for increased climate finance to support their efforts in driving climate action on the ground. The failure of developed countries to meet their $100 billion annual pledge to assist developing nations in climate adaptation and mitigation efforts has placed a significant burden on African countries. According to Halleson, ensuring that climate finance is provided as grants rather than loans is crucial for African nations, as they strive to address the challenges of climate change without exacerbating their existing debt burden. The conversation at COP29 revolves around establishing a new collective quantitative goal for climate finance that surpasses the previous $100 billion commitment, with a focus on transparency, accountability, and avoiding issues like double counting and debt reclassification. A key point of contention at the conference is the establishment of a loss and damage fund to assist countries disproportionately affected by climate change. While progress has been made, particularly with the creation of the fund, there are still challenges regarding its location and operationalization. Africa is advocating for the fund to be independent of institutions like the World Bank to streamline access and ensure efficient allocation of resources. Halleson highlighted the urgent need to provide modern energy access to the more than 600 million people in Africa who currently lack electricity. The continent sees opportunities in renewable energy and aims to leverage these advancements to address energy poverty and contribute to sustainable development. As COP29 progresses, the primary objective for many participants, including Halleson, is to reach a consensus on a clear goal for climate finance. The focus is on securing new funding commitments that do not merely augment existing resources but represent additional support to drive global efforts towards achieving the 1.5-degree Celsius target. A transparent and robust agreement on climate finance at COP29 could signify a crucial step towards sustaining momentum in the fight against climate change and safeguarding the future of the planet.