Assessing impact of COP29 & G20 Summit on Africa's development goals

The recently concluded COP29 and G20 Summit brought both hope and disappointment for Africa, as key issues of climate finance, economic reforms, and sustainable development were discussed. While COP29 focused on adaptation and loss and damage due to climate change, the G20 Summit centered on debt relief and digital inclusion. However, the critical question remains - were Africa's pressing needs truly addressed? Experts Julius Mbatia, Climate Justice Manager at ACT Alliance, and Savior Mwambwa, Program Manager for Economic & Climate Prosperity at Open Society Foundations (OSF), New York, shed light on the outcomes of the events. Savior Mwambwa highlighted the concerning lack of financial pledges at COP29, with only about 300 billion out of the required 1.5 trillion per year for the developing world being pledged. He emphasized the need for Africa to strengthen project preparation capabilities, create direct access to funds, and hold donors accountable to ensure the successful implementation of projects. Mwambwa stressed the importance of reducing dependency on external financing and utilizing domestic sources. Julius Mbatia echoed Mwambwa's sentiments, expressing disappointment at COP29's failure to mandate developed nations to provide and mobilize climate finance adequately. Mbatia highlighted the trend of developing nations, including vulnerable African countries, having to contribute domestic resources to address climate challenges, signaling a worrying shift in global dynamics. The experts discussed the need for African nations to assert their influence on economic policy and global financial systems. Mwambwa emphasized the importance of increasing Africa's voice and shaping outcomes in international institutions like the G20. He stressed the need for affordable and accessible loan conditions and restructuring debts to support climate resilience and social services. Looking ahead, Mbatia emphasized the challenge Africa faces in mobilizing climate finance post-COP29, with the current financial goal falling significantly short of the required trillions to address climate change in developing countries. He called for a new political strategy focusing on green industrialization and diplomatic positioning to advance adaptive and resilient capabilities. Mwambwa outlined strategies for Africa to ensure fairer access to global markets, including building stronger regional institutions, investing in economic diplomacy expertise, and forming strategic alliances with emerging countries like China and India. He emphasized the need for Africa to leverage its critical resources and negotiate effectively for its interests in global financial institutions. In conclusion, Africa's journey towards securing climate finance, economic reforms, and sustainable development continues as it navigates the complex global landscape post-COP29 and the G20 Summit. The continent's ability to mobilize resources, assert influence, and drive regional cooperation will be crucial in addressing its pressing needs and securing a sustainable future.