African countries demand funding for climate change before COP27 | Climate crisis news

by MMC
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The African continent only emits around 3% of global CO2 emissions, yet it is one of the most exposed to climate change.

The leaders of around 20 African countries have urged the richest countries to respect their aid promises. so that the continent can combat the effects of climate change for which he shares little responsibility.

African ministers made their appeal in a statement following a three-day forum Friday in the Egyptian capital, Cairo, and two months before Egypt hosts the crucial event. COP27 climate conference in Sharm el-Sheikh in November.

We urge “developed countries to keep their commitments on climate and development financing, and to respect their commitments to double adaptation financing, in particular for Africa,” declared the 24 leaders in a final declaration.

The African continent emits only about three percent of global CO2 emissions, former UN chief Ban Ki-moon stressed this week.

And even African countries are among the most exposed to the effects of climate change, in particular by worsening droughts and floods.

African leaders said the financial aid was necessary given the “disproportionate impact of climate change and nature loss on the African continent.”

Africa not only has a “low carbon footprint”, they said, but it also plays a key role in capturing greenhouse gases, notably in the Congo Basin, home to the second largest rainforest wetland in the world after the Amazon.

“Brutal divestments from fossil fuels”

The statement urges rich countries to meet and expand their climate commitments, and says poor countries should be able to develop economically while benefiting from more funds to adapt to the effects of climate change.

The document highlights “the need to avoid approaches that encourage abrupt divestments from fossil fuels, as this would threaten Africa’s development.”

The role of gas in the transition to cleaner energy is expected to be a key point of contention at COP27. Climate activists say they must be phased out quickly and replaced with renewable energy.

But Nigerian Finance Minister Zainab Ahmed told the Cairo forum that gas was a matter of survival for her country.

“If we do not secure reasonably priced finance to develop gas, we are denying the citizens of our countries the opportunity to achieve basic development,” she said.

The statement also calls for focusing on climate change in the review of multilateral development banks and international financial institutions. It suggests the creation of a sustainable sovereign debt hub that could reduce the cost of capital for developing states and support debt-for-nature swaps.

Financing to help poorer countries reduce emissions and build resilience will be a key issue at COP27.

The long-standing goal of developed countries is to spend $100 billion a year starting in 2020. helping vulnerable countries adapt to climate change is still not achieved.

According to the African Development Bank, the continent will need $1.6 trillion between 2020 and 2030 for its own efforts to limit climate change and adapt to the adverse effects already apparent.

Kevin Chika Urama, chief economist at the African Development Bank, said Africa faces a climate finance gap of around $108 billion each year.

“Today, the structure of climate finance is actually biased against climate-vulnerable countries. The more vulnerable you are, the less climate finance you receive,” he said.

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