Background and context
The momentum for Baku to deliver on the New Collective Quantified Goal on climate finance (NCQG) has been well signposted in positions advanced by African countries and it is well embedded in the ambition of the TROIKA. With Baku clearly labelled- the Climate Finance COP, there is no doubt that the world expects the COP29 Presidency to deliver on the new climate finance goal, unlocking the potential of global action. In Africa, this goal is intricately linked with the survival of our vulnerable populations and catalysing the much-desired adaptation action. The African Development Bank estimates that Africa currently receives around $30 billion annually for climate finance, while the continent’s true needs amount to over $277 billion per year. This inadequacy particularly on climate finance was also underscored at the SB60 meetings in Bonn mid this year. This significant shortfall, attributed to a lack of a binding framework on both mobilization and allocation of climate finances to diverse priorities is a major barrier to achieving meaningful climate action and needs to be addressed in the new climate finance goal.
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