Cop28: How far did Cop28 meet Africa's climate finance needs?

The global community has long promised to address Africa's needs in climate finance, but as COP28 comes to a close, the continent is still facing significant gaps in funding. Developed nations pledged to provide 100 billion dollars annually towards developing nations for climate finance over a decade and a half ago. However, the reality is that Africa requires hundreds of billions, between two to three hundred billion dollars annually, to meet its climate finance goals. Despite this, only about 3 percent of the total climate finance flows to Africa, a stark contrast to the amount needed. One of the main challenges lies in the form of the financing, which often does not align with what developing countries require to address their climate goals. The Nairobi Declaration, a key outcome of the Africa Climate Summit, aimed to tackle this exact issue of mobilizing funding in the right areas. The declaration highlighted the long-standing issues in global financing frameworks that have not served Africa well. It also emphasized the continent's immense potential for renewable energy resources, including metals and minerals crucial for the green transition. Africa aims to boost its renewable energy generation significantly by 2030, with plans to increase to 300 gigawatts. During COP28, Africa was recognized as a critical player in the global green transition due to its abundance of essential minerals and metals. There were discussions on the role of development finance and multilateral development institutions in providing financing to Africa. However, there remains a need for concessional finance models and a reevaluation of the global financing framework to better support the continent's transition. Looking ahead post-COP28, changes are expected in the way multilateral development organizations operate. Solutions such as debt relief and restructuring, providing foreign exchange guarantees, and increasing lending capacity are on the table to address the debt sustainability challenges faced by African governments. Rethinking risk assessment and ratings for Africa is also crucial to reduce the cost of financing and promote investment. Moreover, blended finance models and public sector incentives for private sector investments are being explored to drive sustainable development in the region. The conversation around climate finance in Africa also brings in the aspect of justice and fairness. Africa, having historically contributed minimally to climate change, yet being severely impacted by it, advocates for equity and common contributions in the global climate debate. This raises questions on who should shoulder the financial burden of climate action and how to ensure fairness in the distribution of resources. Developed nations are under pressure to adjust and respond to climate change, including providing support to vulnerable regions like Africa. The continent must maintain a unified and assertive stance on the issue, leveraging its influence to push for meaningful action and funding.