On Tuesday, November 12th,2024 during the launch of the high-level dialogue on Complimentary and Coherence Loss and Damage Funding arrangements from COP 29 in Baku, UN Secretary-General, António Guterres said the world is getting hotter and more dangerous and yet those that contribute more to the destruction, particularly those on the fossil fuel industry continue to reap massive profits and subsidies.
He called upon those developed economies to commit to new finance for the Loss and Damage Fund since the initial capitalization of USD 700 million is nothing compared to the climate crisis being experienced by developing nations who are suffering more due to activities in the industrialized economies
“The creation of the Loss and Damage Fund is a victory for developing countries, for multilateralism, and for justice. But its initial capitalization of $700 million doesn’t come close to righting the wrong inflicted on the vulnerable”.
“$700 million is roughly the annual earnings of the world’s ten best-paid footballers”. He lamented.
This is what civil societies in Africa under their umbrella body, the Pan African Climate Justice Alliance called ‘pure rhetorics’ that need action to make COP 29 realize its meaning to Africans. This was during their heated Press Conference from the African Pavillion on November Wednesday 13th,2024.
In their message read by, Lucky Egba Abeng of ECO Steward and Humanitarian organization from Nigeria, the Civil Society leaders condemned the laxity from the global North on making a tangible commitment to Climate Finance.
“This inaction is unacceptable, as the consequences will be catastrophic, especially for Africa. Projections show that left unaddressed, climate impacts could reduce Africa’s Gross Domestic Product (GDP) by up to 4% by 2040 and by as much as 25% by 2100, pushing millions further into poverty and instability. Our continent’s call for ambitious climate finance, equitable adaptation support, and a commitment to a just transition must be heeded to avert these grim outcomes”. Part of the statement reads.
Dr. Rev. Ezekiel Lesmore, Director of Programmes, All Africa Conference of Churches said the way COP 29 is going is forecasting nothing as developed Nations want business instead of giving grants to support the climate crisis in the global south.
“We celebrated when the loss and damage fund was put but is now over a year, the truth is we are hearing mere market language on the issues of climate Finance “. He noted.
Martha Getachew Bekele from DevTransform, Kenya added that the developed nations should forget about business because Africa is interested in climate financing that is grant and never loan
“We as Africans want grants, not loans and developed nations should forget about issues of loans on climate financing this time, we need to standardize reporting with clear-cut projects since the developed nations are quick to put any project they send to African Countries as part of Climate Financing”
Dr. Mithika Mwenda, the Executive Director of Pan African Justice Alliance (PACJA) expressed fear that COP 29 has started on a very bad note with many heads of state from the developed nations who are party to the Paris Agreement with a clear commitment to climate financing missing including France and the United States.
The groups called for an ambitious New Collective Quantified Goal (NCQG) on climate finance, with a commitment of at least USD 1.3 trillion annually, delivered primarily as grants and reviewed regularly to reflect evolving needs and vulnerabilities.
According to the leaders, these funds must be accessible and responsive to African countries’ specific needs and realities, supporting adaptation, mitigation, and resilience without driving debt or dependency.
Please get links to the Press Statement here Press Statement-PACJA – COP29 Fin FIN (1)
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