Loss & damage fund key to Africa’s just green transition

The ongoing COP29 summit in Baku has been marked by intense negotiations as developing countries push for a new climate finance goal. In an exclusive interview with CNBC Africa, Harjeet Singh, Global Engagement Director, Fossil Fuel Non-Proliferation Treaty, highlighted the urgent need for trillions of dollars for adaptation, mitigation, and addressing the climate crisis. Developing countries have emphasized the necessity of financial support from developed nations, but the latest draft of the climate finance goal has left much to be desired. Singh expressed disappointment over the lack of a specific commitment from developed countries regarding the quantum of the new climate finance and the absence of clear sub-goals for mitigation, adaptation, and loss and damage. The current draft fails to meet the ambitious expectations set by developing countries after years of negotiations and significant challenges faced by low-income nations. Singh underscored the critical importance of addressing loss and damage, particularly for vulnerable communities in Africa and other regions impacted by climate emergency. The lack of substantial funding for the loss and damage fund could jeopardize the ability to support communities facing devastating climate effects. The demand for hundreds of billions of dollars annually, with at least $400 billion allocated for the loss and damage fund, highlights the magnitude of financial resources required to combat the climate crisis. As the COP29 summit approaches its conclusion, the pressure is mounting on developed nations to step up and commit to a bold and ambitious climate finance goal to ensure a just green transition for all.