…while the euphoria that greeted the new climate change pledges is understandable, African governments must set their sight on getting rich countries that are responsible for climate change to increase their pledges in COP26. Furthermore, African leaders must press to see a vast increase in adaptation finance, which currently constitutes less than 25 per cent of the total climate finance.
But while these new financial pledges are commendable, it is important that African leaders are not naïve or ignorant about a host of outstanding issues on climate finance in COP26, the outcome of which can either accelerate or hinder the climate-resilient and sustainable development of Africa.…despite the clarity of the rules, rich countries have long been repackaging their traditional ODA money as climate finance.
These are just a few examples. So, while rich countries are still far away from meeting the $100 billion per year goal set, even with the new pledges, the truth is that the cost of climate change to Africa alone runs into trillions of dollars per year and several times over, if one includes the cost of climate change to the rest of the developing countries of the world.
It is therefore possible that the whole funding flowing to Africa can actually be far less than they could have received in the absence of climate finance. Current accounting and reporting measures are simply so opaque that it is actually hard for anyone to verify exactly how much rich countries are giving as climate finance.
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