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African Countries Insist on Climate Finance Ahead of COP27

Two months ahead of the climate summit at COP27, African ministers met in Cairo on Friday to call for a move away from fossil fuels while reconfirming their commitment to climate finance

African Nations Insist on Climate Finance Ahead of COP

Two dozen African leaders have called on wealthy countries to uphold aid pledges so they can tackle climate change impacts for which they share little responsibility. As part of the closing of a three-day forum on Friday in the Egyptian capital Cairo, the African minister released a communique two months before Sharm El-Sheikh hosts the crucial COP27 climate meeting.

In their closing statement, the twenty-four leaders urged “developed nations to fulfill their climate and development finance commitments, particularly concerning Africa.” According to former UN chief Ban Ki-moon, Africans emit only about three percent of global carbon emissions. Yet, Africa is one of the largest countries most affected by climate change, especially when it comes to worsening droughts and floods.

According to African leaders, climate change and nature loss have caused disproportionate impacts on the continent. According to those surveyed, Africa is not only low in carbon footprint but also a key contributor to greenhouse gas capture, especially in the Congo Basin, where the world’s second-largest tropical rainforest is found.

The Abrupt Disinvestment in Fossil Fuels

It is stressed in the communiqué that developing countries should get the opportunity to grow economically as well as receive more funds to adapt to the effects of climate change. Climate pledges should be met and expanded by rich countries. This report recommends avoiding strategies that abruptly divest from fossil fuels to protect Africa’s development.

It will be a key point of discussion at COP27 on how gas fits into the transition to cleaner energy. Additionally, fossil fuels use should be phased out and replaced with renewable sources as quickly as possible. Zainab Ahmed, Nigeria’s finance minister, told delegates to the Cairo forum that gas was vital to her country’s survival. The Nigerian finance minister, Zainab Ahmed, said that gas is essential to her country’s survival. She added that without reasonable-priced financing, we are depriving citizens of basic development opportunities in our countries.

African Countries Insist on Climate Finance Ahead of COP27
African Countries Insist on Climate Finance Ahead of COP27
Source: Web

According to the communique, multilateral development banks and international financial institutions should also review their climate change policies. For example, debt-for-nature swaps could be supported, and the capital costs of developing states could be reduced by creating a sustainable sovereign debt hub. At COP27, funding will be one of the key issues for improving the resilience of developing nations and curbing emissions.

Developed Nations Are Likely to Spend $100 Billion

In the years ahead, developed countries are expected to spend $100 billion on helping vulnerable nations adapt to climate change, which has been a longstanding goal for many years. The African Development Bank (ADB) estimates that the continent will need up to $1.6 trillion between 2020 and 2030 to address the effects of climate change.

ADB chief economist Kevin Chika Urama said Africa faced an annual climate financing gap of around $108 billion. As a result, countries with a greater vulnerability to climate change are being excluded from climate finance. The more vulnerable a nation is, the less climate finance it receives,” he said.

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