By Ashay Abbhi, Principal, Energy and Climate Change, Intellecap
The festive season is approaching once again, bringing with it a sense of joy and celebration. As COP29 is set to take place under the leadership of H.E. Mukhtar Babayev in Baku, Azerbaijan, there is anticipation for a different approach to addressing climate change. This year, Kenya plays a significant role as the Chair of the African Group of Negotiators, focusing on securing climate finance, addressing loss and damage, and regulating carbon markets.
Kenya estimates a substantial loss of GDP due to climate disasters, highlighting the urgent need for action. COP29 aims to not only bring about action but also enhance ambition in tackling climate change. The Kenyan delegation, led by President Ruto, must push for realistic ambitions and financial commitments from all parties, particularly developed nations.
Enhanced Ambition
The world is on the brink of surpassing the 1.5-degree Celsius target, emphasizing the need for enhanced climate ambitions. Countries must increase their targets and commit to national plans to mitigate climate change. The New Collective Quantified Goal for climate finance aims to provide the necessary resources for developing countries to meet their climate commitments.
Enable Action
Climate action comes at a cost, with an estimated USD 2,400 billion needed by 2030 to achieve climate targets. COP29, known as the ‘Finance COP,’ must address the shortfall in funding, especially for African countries like Kenya. The North-South divide on climate finance must be bridged to meet the financial needs of vulnerable nations.
Africa requires USD 1.3 trillion annually by 2030 to combat the climate crisis, with Kenya facing increasing climate-related disasters. Securing commitments for financing at COP29 is crucial for Kenya’s resilience.
Loss and Damage
African countries and small island developing states are disproportionately affected by climate change, facing significant risks with limited resources. The Loss and Damage fund must be bolstered to meet the needs of vulnerable nations. Kenya, grappling with recurring droughts, requires innovative financing solutions to enhance resilience.
Santa Clause
COP29 presents an opportunity for a climate miracle, emphasizing the urgency for action. Parties must realize the critical nature of this moment in addressing climate change and commit to meaningful outcomes at the conference.
