COP30: Africa reaffirms united call for fair climate finance

 Africa has reaffirmed its united call for a fair and equitable climate finance system that delivers for people, the planet and prosperity, as the continent marked Africa Day at COP30 in Belém, Brazil.

The Economic Commission for Africa (ECA) said this in a statement on its website on Thursday in Abuja.

The event was held under the theme “Africa at the Forefront of Climate Action: Sustainable Financing for Resilient and Inclusive Green Growth”.

It brought together ministers, development partners and regional institutions including the African Union Commission (AUC).

The ECA, African Development Bank (AfDB) and Afreximbank, alongside civil society and youth representatives were also part of the meeting.

Ten years after the signing of the Paris Agreement, speakers at the event said the world faced a critical test of its climate commitments.

According to them, funding flows on the continent has continued to fall short of what is needed to address global warming.

AUC Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment, Moses Vilakati, reaffirmed Africa’s leadership and unity in advancing climate justice.

He said that Africa received less than 10 per cent of adaptation finance and three per cent of total climate funding for the continent.

“Africa speaks with one voice, bold, united and leading on climate justice.

“We are not passive recipients of the global transition but active architects of fair, inclusive and African-led climate solutions that shall shape a just and green global future,” he said.

Discussions at the event focused on mobilising sustainable, equitable and innovative financing to accelerate green industrialisation on the continent.

Participants emphasised that Africa’s economic future depended on adding value to its abundant natural resources, from processing critical minerals to scaling renewable energy solutions.

Dr Kevin Kariuki, Vice-President for Power, Energy, Climate and Green Growth at the AfDB, said the bank was sharpening its focus on unlocking Africa’s capital power, enhancing financial sovereignty and building resilient infrastructure.

“Addressing climate change is central to this bold and ambitious agenda.

“We are taking decisive steps to close Africa’s sustainable financing gap, strengthen its adaptive capacity and accelerate climate action through innovation, partnerships and financial leadership,” he said.

Dr Cosmas Ochieng, who represented the Executive Secretary of the ECA, said that reshaping the financial system was not just about fairness, but survival.

Ochieng reiterated the need to reform the global financial architecture, moving away from debt-based models to direct, grant-based and Africa-owned solutions.

“Africa needs a predictable, transparent and equitable climate finance system that channels resources directly to where they are needed most.

“This is in the hands of African countries and communities driving transformative climate action,” he said.

Participants reiterated that Africa’s vast carbon sinks and rich reserves of key minerals offered major opportunities for sustainable growth if managed through fair pricing, local value addition and stronger regional value chains.

They called for reforms that would allow Africa capture greater benefits from its resources, saying with the right policies, the carbon market alone can generate up to 100 billion dollars annually and create five million green jobs by 2030.

The stakeholders also emphasised the importance of mobilising domestic resources, including the continent’s estimated 350 billion dollars in sovereign and pension funds.

According to them, this will help to finance green infrastructure and innovation in line with Agenda 2063 and the Sustainable Development Goals.

Africa Day at COP30 concluded with renewed calls for a global climate compact that recognises Africa’s leadership, rewards its environmental stewardship and supports a just transition that leaves no one behind.