The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | UN Secretary-General António Guterres issued a stark warning on Tuesday during the launch of the high-level dialogue on Loss and Damage Funding Arrangements at COP29 in Baku, Azerbaijan. He highlighted the growing global dangers posed by climate change, especially in developing nations, while those responsible for the crisis, particularly in the fossil fuel industry, continue to reap massive profits and subsidies.
Guterres urged developed economies to commit to new financing for the Loss and Damage Fund, noting that its initial capitalization of USD 700 million is insufficient in light of the escalating climate crisis. “The creation of the Loss and Damage Fund is a victory for developing countries, for multilateralism, and justice. But its initial capitalization of $700 million doesn’t come close to righting the wrong inflicted on the vulnerable,” Guterres said. He added, “$700 million is roughly the annual earnings of the world’s ten best-paid footballers.”
This call for action was echoed by civil society organizations from Africa, under the umbrella of the Pan African Climate Justice Alliance, during a heated press conference at the African Pavilion on Wednesday, November 13, 2024. The civil society leaders criticized the global North’s inaction on climate finance and its failure to make tangible commitments. The statement, read by Lucky Egba Abeng of ECO Steward and Humanitarian Organization (Nigeria), condemned the lack of progress in addressing Africa’s climate needs.
“This inaction is unacceptable, as the consequences will be catastrophic, especially for Africa,” the statement read. “Projections show that, left unaddressed, climate impacts could reduce Africa’s GDP by up to 4% by 2040 and by as much as 25% by 2100, pushing millions further into poverty and instability. Our continent’s call for ambitious climate finance, equitable adaptation support, and a commitment to a just transition must be heeded to avert these grim outcomes.”
Dr. Rev. Ezekiel Lesmore, Director of Programmes at the All Africa Conference of Churches, expressed disappointment with the progress at COP29. He lamented that developed nations prioritize business deals rather than providing grants to support the climate crisis in the global South. “We celebrated when the loss and damage fund was established, but over a year later, we’re hearing only market language on climate finance,” he said.
Martha Getachew Bekele from DevTransform (Kenya) emphasized that Africa is seeking grants, not loans, for climate financing. “We want grants, not loans,” she stressed, urging developed nations to move away from the notion of loans in climate financing. She also called for standardized reporting and clear, actionable projects. “Developed nations often present vague projects as part of climate financing. We need transparency and clarity,” Bekele added.
Dr. Mithika Mwenda, Executive Director of the Pan African Climate Justice Alliance (PACJA), expressed concern about the direction COP29 was taking, noting the absence of many heads of state from developing nations who are signatories to the Paris Agreement, including leaders from France and the United States.
The civil society groups called for an ambitious New Collective Quantified Goal (NCQG) on climate finance, with a commitment to at least USD 1.3 trillion annually. This funding should primarily be delivered as grants and be regularly reviewed to reflect evolving needs and vulnerabilities. The leaders stressed that these funds must be accessible and tailored to Africa’s specific needs, supporting adaptation, mitigation, and resilience without contributing to debt or dependency.
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