African ministers who met in Cairo two months before the start of the Cop27 climate summit have called for a sharp expansion of climate financing for their continent.
Publish dateMonday 12 September 2022 - 12:25
Story Code : 258499
Afghan Voice Agency(AVA)_Monitoring, Egypt, an oil and gas producer considered highly vulnerable to climate change, has positioned itself as a champion for African interests as it prepares to host the summit in Sharm El Sheikh in November, Reuters reported.
A communique released on Friday — after a three-day forum for finance, economy and environment ministers — said Africa benefited from less than 5.5 percent of global climate financing despite having a low carbon footprint and suffering disproportionately from climate change.
It urged rich countries to meet and expand climate pledges, and said poor countries should be able to develop economically while receiving more funds to adapt to the impact of climate change.
The document stressed “the need to avoid approaches that encourage abrupt disinvestments from fossil fuels, as this will … threaten Africa’s development”.
The role of gas in the transition to cleaner energy is set to be a key point of contention at Cop27. Climate activists want it to be quickly phased out and replaced with renewables, Reuters reported.
Nigerian Finance Minister Zainab Ahmed told the Cairo forum that gas was a matter of survival for her country.
“If we are not getting reasonably priced finance to develop gas, we are denying the citizens in our countries the opportunities to attain basic development,” she said.
The communique also called for efforts to focus on climate change in a review of multilateral development banks and international financial institutions.
It suggested the creation of a sustainable sovereign debt center that could reduce the cost of capital for developing states and support debt-for-nature swaps.
Experts have said there is private and public sector appetite for financing and investing in climate projects in Africa, but funding is affected by reasons such as risk perception, underdeveloped green finance markets and local technical and policy constraints, Reuters reported.
Kevin Chika Urama, chief economist at the African Development Bank, said Africa faced a climate financing gap of about $108 billion each year.
“Climate finance structure today is actually biased against climate-vulnerable countries. The more vulnerable you are, the less climate finance you receive,” he said.
A communique released on Friday — after a three-day forum for finance, economy and environment ministers — said Africa benefited from less than 5.5 percent of global climate financing despite having a low carbon footprint and suffering disproportionately from climate change.
It urged rich countries to meet and expand climate pledges, and said poor countries should be able to develop economically while receiving more funds to adapt to the impact of climate change.
The document stressed “the need to avoid approaches that encourage abrupt disinvestments from fossil fuels, as this will … threaten Africa’s development”.
The role of gas in the transition to cleaner energy is set to be a key point of contention at Cop27. Climate activists want it to be quickly phased out and replaced with renewables, Reuters reported.
Nigerian Finance Minister Zainab Ahmed told the Cairo forum that gas was a matter of survival for her country.
“If we are not getting reasonably priced finance to develop gas, we are denying the citizens in our countries the opportunities to attain basic development,” she said.
The communique also called for efforts to focus on climate change in a review of multilateral development banks and international financial institutions.
It suggested the creation of a sustainable sovereign debt center that could reduce the cost of capital for developing states and support debt-for-nature swaps.
Experts have said there is private and public sector appetite for financing and investing in climate projects in Africa, but funding is affected by reasons such as risk perception, underdeveloped green finance markets and local technical and policy constraints, Reuters reported.
Kevin Chika Urama, chief economist at the African Development Bank, said Africa faced a climate financing gap of about $108 billion each year.
“Climate finance structure today is actually biased against climate-vulnerable countries. The more vulnerable you are, the less climate finance you receive,” he said.
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