The COP29 Presidency convened its second high-level consultation meeting on energy transition in London, United Kingdom. Hosted by Mr. Michael Mainelli, Lord Mayor of London, City of London Corporation, and co-chaired by COP29 President-Designate Mukhtar Babayev and IEA Executive Director Fatih Birol, the meeting focused on the critical financial strategies necessary to achieve global climate objectives.
Representing Africa was H.E. Dr Amani Abou-Zeid, African Union Commissioner for Infrastructure and Energy - who reiterated her pivotal statement made in the first high-level consultation meeting held in Paris in May 2024:"underscoring the transformative potential of integrating climate action into Africa's development agenda.
Governments play a crucial role in providing effective leadership and creating a conducive environment through long-term policies and transparent tendering processes. Financial sector actors, including Development Finance Institutions , should focus on reducing debt costs and reassessing risk perceptions.
"While critical minerals are essential for the clean energy transition, their extraction in Africa often occurs under unsustainable and environmentally damaging conditions,