COP's finance fiasco | Akinwumi Adesina: the African Development Bank you see today is different

COP's finance fiasco

Two weeks of negotiations at COP29 Azerbaijan in Baku, Azerbaijan, concluded in the early hours of Sunday morning with an agreed text on climate finance. But it was hard to find voices that believed it represents a good outcome for Africa. “We leave Baku without an ambitious climate finance goal, without concrete plans to limit global temperature rises to 1.5°C, and without the comprehensive support desperately needed for adaptation and loss and damage,” said Evans Njewa, chair of the Least Developed Countries bloc.

“This is not just a failure; it is a betrayal.” Governments set a goal for developed countries to support developing countries with at least $300bn a year in climate finance by 2035, a nominal tripling of commitments. The problem? $300bn is widely acknowledged to be only a fraction of what is needed - developing countries demand $1.3 trillion per year. And the path to actually reaching $300bn is unclear, with who will pay left vague. It is difficult to conclude that COP29 represents anything other than a missed opportunity. >> Read more

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STAR INTERVIEW

Akinwumi Adesina: the African Development Bank you see today is different

Interview with: Akinwumi Adesina

In a wide-ranging interview the president of the African Development Bank Group looks back at his two terms in office and says the world, and the Bank, are very different to when he took over. >> Read more

In partnership with the African Development Bank

Africa at COP29: Tackling climate injustice and building partnerships to scale up climate finance

The African Development Bank Group is providing crucial support for African negotiators at COP29 as they fight for the continent's priorities. Read more >>

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