COP29 in Baku: Africa hopes for new climate finance deal to support its energy transition

The 29th UN Climate Change Conference (COP29) has kicked off in Baku, Azerbaijan, bringing global attention to urgent issues surrounding climate finance, as African nations call for more funds to fight the impact of climate change.
Taking place from 11-22 November in Azerbaijan’s capital, the COP29 conference’s main focus is on the challenge of finding funding for poorer nations, as the current $100 billion in annual support falls short. Greenpeace Africa and other environmental organizations have appealed to global leaders to deliver decisive climate finance support for African nations grappling with the dire consequences of the climate crisis. While many experts now argue for at least $1 trillion annually, this is unlikely to happen, especially owing to the current political uncertainty in several Western countries, such as the United States and Germany.
Amid ongoing challenges, Africa is demanding justice for its communities, which have contributed the least to global emissions, yet bear the brunt of climate-related disasters “Africa stands at a critical crossroads,” says Murtala Touray, program director at Greenpeace Africa. “Establishing an ambitious New Collective Quantified Goal (NCQG) is crucial for scaling up climate finance to developing countries, particularly in Africa to tackle the scale of the prevailing crisis.” Many African climate experts, such as one in a recent commentary published in the African Climate Wire, have questioned if the COP29 in Baku will end up being “just another fossil-fueled fantasy.” The author concludes that “the real solution is in a significant increase in grants and concessional finance for actual projects and their subsequent finance.”