Research Highlights Global South’s Call for $1.3 Trillion Climate Finance at COP29
Dr. Vivien Foster from Imperial College London in the United Kingdom has said the demand of the Global South, especially African Countries to ensure that developed countries increase Climate Finance from USD 100 Billion to USD 1.3 trillion in COP 29 in Baku is consistent with research findings.
Dr Foster and her colleagues under the Climate Compatible Growth (CCG) did research titled, How Much Climate Finance do Low- and Middle-Income Countries Need? COP29_Policy_Brief_MinFin (1) During an exclusive interview from the Green Zone at the Pavillion of the Global Alliance of Universities on Climate.
Dr. Foster told this reporter that research indicates, for example, that Ghana alone would need a cumulative amount of USD 40 billion from 2025 to 2050 to cover incremental investments associated with energy system decarbonization alone. If one country alone, Ghana, faces costs on this scale, it suggests that the demand for increase in the climate finance to 1.3 trillion is in the right direction.
At the same time, Kenya – a country that has already invested heavily in clean energy – would bear a much lower incremental cumulative cost to complete the decarbonization process of the energy sector of about USD 0.2 billion from 2025-2050 since the country heavily invested already in clean energy.
“This comparison highlights how the need of climate finance varies hugely from country to country depending on starting conditions,” Dr. Foster commented.
Young Climate Activists from African countries are using all strategies to ensure their message reaches the developed nations on the increment of Climate Finance and on November 18th, 2024 African youth people under the Pan African Climate Justice Alliance stormed the conference area with their placards demanding the Global North to honour their promise and increase climate finance in terms of grants and not a loan.
Dr. Mithika Mwenda, the Executive Director of Pan- African Climate Justice Alliance (PACJA) called the actions of the youth ‘bold action that highlighted the urgent need for equitable financing to close the gap between climate pledges and real support for those on the frontlines’
Dr. Mithika added that the young people in the forefront illustrate their frustrations and need for real action and not same rhetorics without actions from the Global North. He emphasized that the young people are part of the frontliners who need the climate finance funds.
“So PACJA’s message to global leaders was clear: Honor your commitments and ensure adaptation financing reaches those who need it most.”
PACJA is placing demand 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.
They also demand that it must be accessible and responsive to African countries’ specific needs and realities, supporting adaptation, mitigation, and resilience without driving debt or dependency.
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