Africa’s Call for Climate Action at COP29

Africa contributes less than 4% of global emissions yet bears the brunt of climate change, facing economic losses, migration, and instability. Taking ?????????????????? action is not just about environmental stewardship—it’s sound economic policy. The cost of inaction is far greater than decisive efforts today.

At #COP29 in Baku, we continued our advocacy for urgent #ClimateFinance to support Africa and the Caribbean Island States, ensuring our priorities are heard and acted upon.

It’s time to amplify Africa’s voice in global climate discussions. ??

HIGHLIGHTS

Afreximbank Backs Africa’s Just Energy Transition

At COP29’s Africa Day, Afreximbank championed a just energy transition for Africa in line with the AU’s Nairobi Declaration and COP28 outcomes. Discussions focused on climate finance, the Loss and Damage Fund, and AfCFTA-driven growth.

President Oramah highlighted Africa’s minimal contribution to global emissions—less than 4%—but its disproportionate climate impacts. He stressed the urgent need for $1.3–$1.6 trillion in annual climate financing to prevent severe consequences. READ MORE: ENGLISH, FRENCH

Focus on Climate Resilience at COP29

Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development, highlighted a 30% drop in Africa’s agricultural productivity due to climate change, urging stronger global collaboration. She reaffirmed Afreximbank's commitment to sustainable growth under Agenda 2063 and AfCFTA. READ MORE: ENGLISH

Public-Private Partnerships Key to Climate Investment

At COP29, Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development, highlighted the vital role of public-private collaboration in driving climate-focused FDI. She emphasised that strong partnerships are needed to mobilise African Direct Investment (ADI) for sustainable impact. READ MORE: ENGLISH

Promoting Sustainable Finance for Africa’s Trade Growth

At the Sustainable Finance and Trade Ministerial panel during COP29, Mrs Oluranti Doherty , MD, Export Development Division, stressed the importance of integrating sustainable finance into trade policies to strengthen Africa's climate resilience. Through key initiatives, she outlined Afreximbank's goal to increase intra-African trade from 15% to 25% by 2026. Afreximbank reaffirmed its commitment to supporting Africa’s economic growth and sustainability, which aligns with the African Union’s Agenda 2063. READ MORE: ENGLISH

Demonstrating Commitment to Bridging Africa’s Climate Finance Gap

At the COP29 Finance Ambition Loop Dialogue, Mrs Oluranti Doherty , MD of Export Development Division reaffirmed Afreximbank’s commitment to African climate finance. Despite contributing only 3.78% of global emissions, climate change heavily impacts Africa. Afreximbank is tackling the finance gap through:

?? Climate Adaptation Finance Facility: Launching $800M programs with Kenya, part of a $3B plan for resilient infrastructure.

?? Project Preparation Facility: Helping nations develop fundable climate projects.

?? $500M Concessional Finance Facility: Filling funding gaps for sustainable energy projects.

READ MORE: ENGLISH

Empowering African SMEs with Supply Chain Finance

At the UNCTAD session on “Actions and Partnerships to Accelerate Financing of Green Energy,” at the #COP29 in Baku, Azerbaijan, Afreximbank, represented by Mrs HELEN AIGBE BRUME, ACCA , Director & Global Head, Project and Asset Based Finance, discussed how Supply Chain Finance (SCF) can empower African SMEs, boost resilience, and drive sustainable growth.

She highlighted the role of carbon markets in emissions reduction and clean tech investment, proposing partnerships with AAMFI and the WTO to standardise funding methods and accelerate Africa’s low-carbon transition. READ MORE: ENGLISH

Key Insights on Africa’s Clean Energy Future

At the "Pathways to Affordable Finance" panel, Mr. Yusuf Daya highlighted Africa's energy challenges, noting that despite its 20% global population and rich resources, the continent receives less than 2% of global clean energy investments. Afreximbank remains committed to driving sustainable energy solutions for Africa. READ MORE: ENGLISH

Unlocking Africa’s Carbon Market Potential

At COP29, Edmund Bala-Gbogbo, Afreximbank’s Senior Risk Manager, emphasised Africa's carbon credit potential for climate action and development. To overcome challenges, he called for investments in MRV systems, domestic demand, standardisation, and risk-sharing tools. Through partnerships and resource mobilisation, Afreximbank is committed to building a resilient African carbon market. READ MORE: ENGLISH