COP29: Kagame calls for sufficient climate finance for Africa

President Paul Kagame issued a rallying call on Wednesday, November 13, urging world leaders to fairly compensate the African continent for its extensive contributions to climate action, saying the continent is the least responsible for global emissions. Kagame issued the call at COP29, the UN climate summit in Baku, Azerbaijan, which brought together world leaders, policymakers, and climate champions to tackle climate change and inspire collective action for a sustainable future. ALSO READ: COP29: What African group of negotiators hope to walk away with “As we gather at COP-29, Africa has one mission: to reaffirm our position as a key player in the fight against climate change,” the Head of State said. “Unfortunately, insufficient access to climate finance remains Africa’s biggest obstacle. Pledges made at previous summits have gone unfulfilled, without accountability. This is not acceptable. “Our continent is the least responsible for global emissions, and therefore [the least responsible] for the climate crisis. Being fairly compensated for our extensive contributions to climate solutions is not too much to ask,” he added. ALSO READ: COP29: What is Rwanda's main agenda in Baku? Kagame spoke at the “Measuring the Green Wealth of Africa,” sideline event co-hosted by President Denis Sassou Nguesso of the Republic of Congo and African Development Bank President Akinwumi Adesina. Today in Baku, President Kagame joined a meeting on “Measuring the Green Wealth of Africa,” co-hosted by President Denis Sassou Nguesso of the Republic of Congo and African Development Bank President Dr Akinwumi Adesina. “As we gather at COP-29, Africa has one mission: to... pic.twitter.com/KEHVy35jut — Presidency | Rwanda (@UrugwiroVillage) November 13, 2024 The event also attracted several high-level government representatives to deliberate on sustainable economic valuation models. Mobilizing resources This year’s climate change summit, dubbed the “Finance COP,” will see countries negotiate new climate finance targets. With its carbon-sequestering forests and resources ripe for green growth, Africa holds massive potential to drive clean energy access for millions. However, sub-Saharan Africa receives less than 3 percent of global climate finance, hindering efforts to advance National Adaptation Plans and Nationally Determined Contributions under the Paris Agreement. “There is no reason why Africa should be greenly poor, said Adesina. Africa should be greenly wealthy by proper valuation of its vast contributions to global environmental services.” To achieve this green wealth, Adesina advocated for recalibrating the GDP of African countries to reflect natural assets like forests and carbon sinks. According to the African Development Bank’s preliminary estimates, adjusting for carbon sequestration alone could have boosted Africa’s nominal GDP in 2022 by $66.1 billion, a 2.2 percent increase. Six Congo Basin countries (Cameroon, Central African Republic, Democratic Republic of Congo, Republic of Congo, Equatorial Guinea, and Gabon) accounted for nearly 64 percent of this increase. “That means that the countries can have larger headroom to take on more financing and invest them for the greening of their economies. Therefore, such a move is important for re-computing Africa's debt sustainability,” Adesina said. Africa is 'a leader' in climate talks According to Kenya’s Prime Cabinet Secretary, Musalia Mudavadi, Africa’s natural resources and biodiversity place it in a unique position to lead global climate solutions. Mudavadi, who represented President William Ruto at the event, pointed out that Africa’s role in the global climate agenda is not merely passive, but one of leadership. “Africa is not just a participant in global climate talks; it is a leader that must create solutions based on its needs, challenges, and resources,” he said. Mudavadi added that Africa’s green wealth, from forests to biodiversity, is an integral part of the global climate equation, offering not only critical environmental services but also immense economic potential. He also rallied for more investment in Africa’s green sector and natural resources, ensuring that economic growth is in harmony with climate resilience.

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COP29: Kagame calls for sufficient climate finance for Africa