COP28: How can Africa solve the climate finance access challenge?

Africa Climate Conversations.

The climate finance needs of developing countries have risen way beyond the 100 billion USD promised by developed countries 15 years ago. The recent UN 2023 adaptation gap report estimates the cost of adaptation at US$215 billion per year this decade.

Access to finance, including means of implementation that are technology and capacity, is a catalyst not just for development but also for adapting to climate change, averting loss and damage, mitigating further climate impacts, and building trust among developed and developing countries. But finance under the climate negotiation process had had a long process. So, on this episode with Ambassador Mohamed Nasr, who is the Africa lead negotiator on finance and COP27 lead negotiator, as the globe embarks on negotiating a New Collective Quantified Goal on Finance, we discuss how Africa can solve the climate finance access challenge, among other key issues such as global taxation and political impacts on negotiation outcomes.