At COP29 in Baku, African nations spotlight the dire need for climate finance, clean energy, and equitable green growth.
At Africa Day during COP 29 in Baku, African leaders addressed financingclimate adaptation and fostering green growth on the continent. Notable participantsincluded Ms Josefa Sacko, African Union Commissioner for Agriculture, RuralDevelopment, Blue Economy , and Sustainable Environment ; Mr BenedictOramah, Chairman of Afreximbank ; and Mr Musalia Mudavadi, Kenya’sPrime Cabinet Secretary, representing President William Ruto .
With Africa on the front lines of climate change, leaders demanded urgent financial commitments and fair valuation of the continent’s green assets. The announced a bond listing on the London Stock Exchange to drive climate finance for Africa. This initiative, described as a"first of its kind" by African Development Bank President Akinwumi Adesina, seeks to leverage multilateral resources to unlock private capital for urgent climate action. “New models are needed to secure larger climate finance for developing countries,” Adesina stated.of the global “loss and damage fund” established at COP28. Speaking on Africa Day, Afreximbank President Benedict Oramah emphasised that the financing gap—estimated at $1.
Tanzania’s Vice President Philip Mpango decried the preventable deaths of women due to lack of clean cooking access, while Kevin Kariuki, Vice President of the African Development Bank Group, called for $4 billion in annual funding to achieve universal clean cooking access by 2030. Adesina also raised alarm over what he termed a “carbon grab,” criticising the undervaluation of Africa’s green assets., calls for pricing Africa’s natural resources correctly to unlock green financing. “It is time for Africa to turn its massive green assets into wealth,” Adesina declared, urging for these resources to be integrated into a “green GDP” framework.in Africa,” Africa Day discussions underscored the need for private financing to complement public efforts.
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