With negotiations at #COP29 finalised, what can we make of the progress, or lack thereof, on ensuring that developing countries receive long-term financial support to protect them against the impacts of climate change? 🤔 Read our CEO Anthony Osijo’s insights on this year’s UN Climate Change Conference (COP29) in Baku:
Three things that have made me pause for thought during this year’s climate conference in Baku: 1. Funding to meet the Paris Agreement Goals: To achieve the Paris Agreement targets, UN-appointed experts have stated that $1 trillion USD needs to be directed towards developing countries each year. However, what happened to the Climate Finance Action Fund? It was clearly missing from the agenda on ‘Finance Day’ last Thursday. The launch of this financial mechanism was cancelled – but at what cost? 2. Progress on clean cooking initiatives: Clean cooking was a big topic on the agenda. Last week, the UK’s Minister for Development, Anneliese Dodds, announced support for enabling communities in the Global South to transition away from harmful biomass fuels such as charcoal and wood. The UK has committed £74 million to provide clean cooking access for 10 million people across Sub-Saharan Africa, South Asia, and the Indo-Pacific. This is a promising step forward but is still only £7 per person! 3. Green technologies as a national priority: According to the Global Renewables Alliance (GRA), 10 major economies, including France, Germany, and India, have emphasised that green technologies should be a top priority for national governments. But for these ambitions to be realised, effective and robust implementation is essential. It will be fascinating to see which nation takes the lead in driving this forward and the part that Africa has to play in this. #COP29 #GreenInvestment #PeopleAndPlanet Bboxx, African Development Bank Group, KawiSafi Ventures, InfraCo Africa
