BAKU, Nov 16 (IPS) – At the ongoing climate summit (COP29) in Baku, African environmental activists are urging climate financiers to suffocate poor countries with unaffordable loans in the name of financing climate adaptation and mitigation on the continent. called for it to stop.
Just a few months ago, a wave of protests by young people rocked parts of East and West Africa, protesting against the exorbitant taxes their governments levy on them to raise additional finances to repay foreign loans.
“We reject loans or any type of debt instrument to a continent that does nothing to warm this planet. We would rather borrow money from arsonists to put out the fires that are actually burning our livelihoods. I refuse,” said Dr Mithika Mwenda. Director of the Pan-African Climate Justice Alliance (PACJA).
According to PACJA, 70-80% of all finance delivered to African countries from the Green Climate Fund (GCF) is provided in the form of loans through intermediaries, which ultimately leaves only a few lucky communities with the burden of climate change. You can do it. You have access to funds. It is estimated to be around 10% of the total funds spent.
“We demand that this finance be targeted first and foremost at those who are most exposed to climate risks and have the lowest capacity to adapt,” Mwenda said. “This means moving beyond fragmented and delayed financing to stable, affordable, accessible and timely financial flows (in the form of subsidies) that reflect the true scale of the crisis,” he said, at the annual African Development Bank organized on the sidelines of COP29. He spoke at the event, Africa Day.
Several examples of mitigation and adaptation loans were showcased during the event, meaning African taxpayers will have to repay more than $1.6 billion in loans.
“Some of these projects don’t have the footprint of the communities they target in terms of priorities,” said Charles Mwangi, a Nairobi-based climate activist.
“Communities must take the lead in decision-making and organization of these projects,” he said, noting that most finances are lost on expensive flights, hotel costs and allowances for consultants based abroad.
Kenya, on the other hand, is piloting a program called ‘Local Led Financing for Climate Action (FLLoCA)’. The five-year initiative, jointly supported by the Government of Kenya, the World Bank and other donors, aims to deliver locally-led climate resilience action and strengthen the climate risk management capacity of county and national governments.
“We are advocating for policies that make adaptation a priority rather than an afterthought,” Mwenda said. “We amplify the voices of local organizations and grassroots leaders in these discussions to ensure global commitments reflect priorities on the ground,” he said.
The debate on the New Collective Quantified Goal (NCQG) at COP29 provides an important moment to reshape global financing in a way that activists believe will truly address Africa’s needs.
“Adaptation finance must be demand-based, mobilizing from public finances in the global North, grant-based, and it is important to use resources that view the private sector as the third or fourth solution rather than the first,” Mwenda said. said.
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