Afreximbank at COP29: Advocating for a Just Energy Transition in Africa
African Export-Import Bank (Afreximbank) is actively participating in COP29 in Baku, Azerbaijan, reaffirming its commitment to facilitating a just energy transition for Africa. The focus is on supporting the continent’s critical development needs and unlocking its economic potential.
The Bank’s involvement at COP29 aligns with the African Union’s Nairobi Declaration from the 2023 Africa Climate Summit. It builds on previous actions around climate finance, loss and damage compensation, utilizing gas as a transitional fuel, and mobilizing high-quality climate finance. Afreximbank’s efforts aim to integrate climate change with development goals, emphasizing the role of the African Continental Free Trade Area (AfCFTA) in fostering sustainable growth and regional integration. These efforts are anchored on the core principles of the AU Agenda 2063: The Africa We Want.
One of the primary objectives for Afreximbank at COP29 is to advocate for the swift operationalization of the Loss and Damage Fund. This fund provides financial support to countries facing climate-related losses. The Bank will push for timely disbursement of funds to African countries to address both immediate and long-term climate impacts. Transparent and accessible finance mechanisms are also highlighted to ensure that local communities affected by climate change receive the necessary support.
During the African Day at the African Union’s Pavilion at COP29, Prof. Benedict Oramah, President and Chairman of Afreximbank, emphasized the disproportionate impact of global climate change on Africa despite the continent’s minimal contribution to global emissions. He stressed the urgency of action, citing the economic and social costs of inaction. Prof. Oramah highlighted the need for financial resources and investments to address climate change, lower emissions, encourage adaptation, and build resilience.
Afreximbank will advocate for policies and investments to accelerate Africa’s energy transition, develop natural resources responsibly, reduce energy poverty, facilitate trade, and position the continent for a sustainable energy future. The Bank will also push for scaling up the New Collective Quantified Goal on Climate Finance (NCQG) to fund Africa’s climate projects effectively.
As part of its engagement at COP29, Afreximbank will participate in various side-events and panels focusing on Africa-specific solutions. These include sessions on financing a green transition and sustainable trade in Africa, featuring high-level speakers and experts in the field. The Bank is committed to amplifying the African climate narrative, supporting a just energy transition, mobilizing climate finance, and aligning trade with climate goals.
Afreximbank’s presence at COP29 underscores its dedication to addressing climate challenges in Africa and advocating for sustainable development on the continent. Through strategic partnerships and advocacy efforts, the Bank aims to drive meaningful change and support Africa’s transition to a greener future.
