Invest in better climate financing plans for Africa

The expectation from the 27th conference of the parties (COP27) held in Egypt was that global south countries will rally and press rich nations on their role in driving climate change.

This, however, has not been the case and for most African States, there is nothing to smile about.

The gap when it comes to climate financing in Africa is still in existence, and for it to be bridged, the focus needs to shift to a more robust and transparent tracking and reporting mechanism.

Should this happen, then the trust between those who have committed to providing climate finance, and those who should be receiving it will be strengthened.

Africa is responsible for only 3.8 per cent of global greenhouse gas emissions, with countries such as China accounting for 23 per cent, 19 per cent in the United States and 13 per cent in the European Union.

However, despite its low contribution, Africa still remains the most vulnerable region in fact seven in 10 of the most vulnerable countries are on the continent.

During COP15 in Copenhagen, developed nations collectively pledged to deliver $100 billion annually as climate finance to African countries but this has yet to be realised.

In this year’s summit, Senegal’s President and Chair of the African Union, Macky Sall, said richer nations need to not only deliver on their financing pledges but also double annual climate financing to Africa to $200 billion.

Africa requires $2.5 trillion of climate finance between now and 2030 on average which adds up to $250 billion each year.

If Africa is to secure the 2009 $100 billion pledge, then making presentations of how we are being affected by the effects of climate change is not enough.

Rich nations know this already. What African representatives need to also do is to adequately formulate a reporting strategy to show, how over the years we have been spending the funds we get.

In the just concluded summit, countries such as Kenya and Tanzania have secured $30 billion and $18 billion respectively in form of investments from various companies and nations.

Money is always a bone of contention and what is worrying here is how these funds are going to be used to combat climate change in Africa.

Currently, climate change costs Africa between $7 billion and $15 billion annually. By 2030, if nothing changes, this may amount to $50 billion annually.

In subsequent COPs Africa will need to have a solid case study that details where we are, where we are coming from and why we need more funds to combat climate change.

In the absence of a standardised approach to accounting and accountability of climate finance funds Africa will continue to be underserved.