The African Group of Negotiators (AGN) on Climate Change, at the ongoing 29th United Nations Climate Change Conference (COP 29) in Baku, Azerbaijan, are pushing for a significant boost in climate financing and ensuring that adaptation measures, as well as addressing loss and damage, are given the same level of importance as mitigation actions. ALSO READ: Rwanda Faces $7 Billion Funding Gap to Implement Climate Action Plan Adaptation refers to a wide range of measures to reduce vulnerability to climate change impacts, from planting crop varieties that are more resistant to drought to enhancing climate information and early warning systems, to building stronger defences against floods. ALSO READ: Rwanda’s negotiators in Bonn for climate finance push Climate change mitigation refers to any action taken by governments, businesses or people to reduce or prevent greenhouse gases. AGN Chair, Ali D. Mohamed, underscored that COP29 “must deliver on an ambitious [new finance goal] that responds to the needs of developing countries, especially Africa, is consistent with 1.5-degree Celsius pathways for both mitigation and adaptation and that does not exacerbate debt distress. Experts have argued that Africa needs climate change adaptation as priority in terms of finance due to the continent’s vulnerability to climate effects. Africa does not see mitigation finance as a priority since it emits less than 4 per cent of the world’s total greenhouse gas emissions, but it is the continent most affected by the harmful consequences of climate change. Rwanda, along with other developing nations, is urging developed countries — historically responsible for global warming – to fulfil their commitment to doubling climate change adaptation finance at COP29. Rwanda has identified a $7.1 billion funding gap to meet its climate action targets of which adaptation projects require $5.4 billion. Of the $5.4 billion required for adaptation projects by 2030, 40 per cent ($2.1 billion) is expected to be sourced domestically, while 60 per cent ($3.3 billion) will come from international funding sources. Rwanda is set to showcase its new Climate and Nature Finance Strategy at COP29. Mobilising climate financing The African Group of Negotiators insists that these funds should primarily come from the public coffers of developed nations, avoiding debt instruments that could exacerbate the debt burden of developing countries. ALSO READ: COP29: What is Rwanda's main agenda in Baku? For the first time in 15 years, countries will need to agree to a new global finance goal, known as the new collective quantified climate finance goal (NCQG). The African Group of Negotiators (AGN) has set a $1.3 trillion new climate finance target per year that wealthy nations – heavy polluters – must offer developing countries from next year, replacing the previous commitment of $100 billion annually. The United Nations Environment Programme (UNEP) has released its Adaptation Gap Report 2024, which is expected to shape discussions at the COP29 on adaptation finance. The report indicates that developing nations need $215 billion to $387 billion annually in adaptation finance. And yet, only $28 billion a year reaches them. Kenyan Minister for Environment, Aden Duale, said that climate finance flows to the continent were insufficient; adaptation, loss, and damage have been overshadowed by mitigation. The African Group of Negotiators (AGN) is also keen to reach agreement on key elements needed to operationalise the Global Goal on Adaptation, the Loss and Damage Fund, and Article 6 on carbon markets. The AGN has established $1.3 trillion as the minimum annual threshold for climate finance, stressing that this must be delivered through concessional instruments and grants. The African Group of Negotiators want to get the Loss and Damage Fund up and running. The Loss and Damage Fund aims to help countries recover from climate shocks like floods, droughts, and landslides. “It is crucial that we increase the adaptation fund twofold, put the loss and damage fund into action, and ensure that developed countries fulfil their financial commitments,” stated Faustin Vuningoma, Coordinator of the Rwanda Climate Change and Development Network (RCCDN). However, the $770.6 million pledged at COP28 for loss and damage fund is insufficient compared to the estimated $580 billion annually needed for loss and damage by 2030 and $1.7 trillion annually by 2050. Among other sessions at COP29, the African Group of Negotiators will hold a briefing event on the status of COP29 negotiations on November 16, with the objective of promoting interactions between various African constituencies and the AGN and to provide the negotiators with critical feedback.
