COP27: Mobilizing climate finance for Africa

African countries are intensifying their efforts to secure more climate change financing at this year's COP27 forum in Egypt. With a staggering global funding gap of $2 trillion, pressure is mounting on richer nations to increase their contributions. The impact of global warming continues to disrupt economies worldwide, making the need for sustainable financing more urgent than ever. CNBC Africa recently interviewed Dowder Sebene, the CEO of Africa at least, to explore alternative financing options available to countries. Sebene stressed that climate finance will play a crucial role at COP27, emphasizing that the estimated funding needed for climate adaptation and mitigation far exceeds the $2 trillion figure previously mentioned. For Africa alone, nearly $2.8 trillion will be required to implement the nationally determined contributions outlined in the Paris Agreement. This staggering amount reflects the immense financing needs faced by African countries, with Sebene underscoring the necessity of exploring diverse financing sources to bridge this gap. Private sector involvement is deemed essential in boosting climate finance, with Sebene advocating for the establishment of carbon markets to facilitate the trading of carbon credits in line with the Paris Agreement. Additionally, multilateral development banks are urged to contribute to blending public and private financing sources to meet the funding requirements. Sebene emphasized the importance of addressing the need for adaptation finance, noting that a significant portion of climate resources currently allocated toward mitigation efforts. Developing countries, particularly in Africa, are calling for increased mobilization of resources for adaptation finance, underscoring the urgency of implementing transitional financing mechanisms to aid vulnerable nations in combating climate change consequences. The interview further delved into the critical role of research in advancing the climate agenda for African nations. Sebene underscored the significance of data collection and analysis in understanding the scope of climate challenges, stressing that research is pivotal in informing effective policy decisions. Institutions like Africa at least are encouraged to invest in research efforts to provide policymakers with valuable insights for climate finance optimization. Moreover, capacity building and advisory services are deemed essential for countries to effectively adapt and mitigate climate change, necessitating a collaborative approach among development institutions to address the evolving climate crisis. Lastly, the interview addressed concerns over countries like China, major greenhouse gas emitters, opting out of COP27. Sebene acknowledged the criticism leveled at big emitters for wavering commitments but highlighted the geopolitical and overlapping crises complicating global efforts. Despite challenges, Sebene urged policymakers, especially top emitters, to honor their pledges under the Paris Agreement and Glasgow commitments. As COP27 progresses, hopes for positive outcomes remain, emphasizing the need for collective action to safeguard the planet for current and future generations. The international community is called upon to set aside differences and cooperate to ensure a sustainable future for all.