As the world’s leaders gather in Baku for COP29, the stakes for Sub-Saharan Africa couldn’t be higher. This year’s climate summit is being called the “Finance COP,” a fitting title as it centers on one of the thorniest issues: money.
But for Africa, this isn’t just about numbers or abstract commitments. It’s about the lives and futures of millions, about the land we call home, and the chance for our economies to thrive in the face of climate change.
Sub-Saharan Africa is one of the regions least responsible for climate change, yet we face its harshest realities. From intensified cycles of drought and flooding, in Kenya for instance, the toll is staggering.
But here’s the bitter truth: even as Africa reels from these impacts, we are often left without the funds to recover, adapt, or protect our people. World leaders need to look Africa in the eye this COP29 and put their money where their mouths are.
The moral mandate: Africa needs loss and damage funding now
We’re well past the time for vague promises. As a region that emits just a fraction of the world’s greenhouse gases, SSA is already bearing a heavy load from climate-related damages, from the destruction of crops to the displacement of communities.
At COP28, a loss and damage fund was finally launched, a crucial step forward. But as of now, this fund remains mostly empty—$700 million is a far cry from the $400 billion needed by 2030. African nations can’t bear this burden alone.
It’s not about charity; it’s about justice. High-income countries that industrialised on the back of fossil fuels owe it to the world—and to Africa—to fund this climate response. Without significant financing for loss and damage, millions of Africans will continue to suffer the consequences of a crisis they did little to create.
End the debt trap: Climate finance must not come with strings
Incredibly, when funding does come through, it often arrives as loans rather than grants, saddling African countries with debt. Climate finance that adds to our debt isn’t “help” at all. Ethiopia, for example, spends three times more on debt payments than on climate adaptation.
How is any country supposed to prepare for climate change under these terms? This COP29, African leaders should demand debt relief linked to climate finance. It’s time to say, “Enough with the loans—bring on the grants.”
Powering a green Transition with private investment
While government funding is essential, private investment has a huge role to play. Africa has vast potential for solar and wind energy, sustainable agriculture, and climate-smart infrastructure. But we need the right frameworks to draw in private capital.
The world’s financial players should be actively working with SSA nations to make private finance flow toward Africa’s climate goals. If structured right, this can be a game-changer: creating jobs, strengthening our economies, and building the infrastructure that Africa’s future demands.
Climate action, now or never
The urgency is overwhelming. Unep’s latest Emissions Gap Report 2024 makes it clear: if we don’t start slashing emissions, the world is on track for a temperature rise of up to 3.1°C. That kind of increase would devastate lives and economies across Africa. We simply don’t have time to wait for another round of negotiations, another set of half-promises. COP29 must be different.
For too long, Africa’s voice has been sidelined, our needs relegated to the margins. But we’re not asking anymore; we’re demanding a fair deal. Real commitments, real money, and a real seat at the table.
The finance decisions made at COP29 will determine whether this summit becomes a turning point—or just another empty meeting. It’s time for those who have long benefited from carbon-driven growth to pay up and empower Africa’s climate resilience.
Africa can’t wait—and neither should the world
So, here’s the call to the leaders, investors, and decision-makers in Baku: make COP29 count. Africa’s future—and indeed, the world’s—depends on it. It’s time to go beyond pledges, beyond loans, and beyond talk.
Africa is ready to act. The question is, will the world be ready to act with us?
By Josea K. Cheruiyot, Research and Strategy Lead (KMRC) and PhD Student (Economics), University of Nairobi
