At COP 29 in Baku, African nations are advocating for increased climate finance and a reformed global financial system to support green projects. A key focus is the “New Collective Bargaining Agreement (NCQG),” aimed at replacing the outdated $100 billion annual commitment from developed countries to developing nations—a financial target that was only met in 2022 despite its 15-year existence. African countries, which are responsible for only 4% of global emissions, are disproportionately impacted by climate change and seek fairer access to resources for adaptation and mitigation. Meanwhile, the African Development Bank (AfDB) introduced a program to include Africa’s environmental resources, such as carbon sinks, in estimating the continent’s wealth, intending to provide nations with better access to funds from the international market. Per the bank’s estimates, this initiative could have boosted Africa’s 2022 nominal GDP by $66 billion, providing it with the financial capacity for green investments.
SOURCE: SEMAFOR