Kenya’s Key Takeaways from COP29 Resolutions on Climate Action Finance goals

The 29th Conference of parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCC) held in Baku Azerbaijan came to a close with great positives for Kenya.

The conference was anchored on priority areas of Climate Action, Global Cooperation & Sustainable development that presented opportunities for African countries.

Great strides on Global Climate Financing initiatives considering that developing countries have borne the greatest impacts of adverse climate change yet their contributions to global warming remain the least.

The Finance flow proposition of USD.300B annually by 2035 will go a along way in bridging the economic & resource gaps between the global north and south. The USD 1.3T resource mobilization from both Public and Private sectors will help direct finance flows towards Renewable Energy, Energy Efficiency, Green Transport, Water & Waste management projects as well as Sustainable Agriculture.

The outcomes of the COP 29 are expected to shape the trajectory of global climate finance ensuring that the financial commitments are aligned to the scale of the climate crisis. This move helps bridge the inequalities that existed as far as resource allocation is concerned. Given our Nationally determined Commitments towards Net Zero by 2050, the Green Climate Funds then become an avenue that we can leverage as a country in Mitigating Climate change whilst ensuring a just transition that does not affect the country’s capacity to thrive.

The operationalization of the Carbon Markets under the Paris Agreement will enable Kenya to deliver its climate plans more faster and Cost effectively with opportunities to draw from the carbon credit as well as carbon offset opportunities. A unified carbon market helps create a reliable and consistent pricing structure informed by the need to decarbonize across different jurisdictions. This therefore will make planning on carbon credits to power sustainable development possible considering that Kenya boasts of massive carbon sinks as reserves. The need to have the involvement of both Private and Public Sectors into the carbon market will present CBK with the opportunity to enforce a more liberal market where both Voluntary and compulsory carbon markets can coexist.

Greater Focus on Sustainable Agriculture and Food security through Climate Smart Agricultural practices in drought resistant food crops, efficient irrigation systems, technical and financial support in Reforestation programs, flood and drought management will go a long way in boosting food security in the country.

Climate reporting in individual countries needs to be more science-based to strengthen climate policies over time. This is helpful in identifying financing needs and opportunities. To see this through the COP 29 proposed stringent Monitoring, Reporting and verification (MRV) rules in carbon markets to ensure credible carbon credits free from Double counts.

Kenya stands to gain significantly from the COP29 resolutions, particularly in areas of climate financing, renewable energy development, adaptation strategies, sustainable agriculture, and international collaboration. These benefits align with Kenya's strategic goals of sustainable development and resilience to climate change.