Will the finance COP deliver cash to Africa?
Negotiators for poorer countries at COP29 are demanding new funding to the tune of US$1 trillion.
The COP 29 climate summit has been christened the finance COP - and negotiators will seek to agree on a new goal for how much money richer countries should be paying to poorer countries to help them adapt to climate change.
A new fund to be known as the New Collective Quantified Goal (NCQG) is replacing the $100 billion a year fund which was meant to have been paid out from 2009 to 2022 but which hardly took off.
As the latest summit got underway in Baku, Azerbaijan, negotiators for the Least Developed Countries (LCDs) have demanded a βscaled up, new, additional, and easily accessible climate finance.β They say more than US$ 1trillion is needed by 2030 to help them adapt to climate change, money they want as grants instead of loans.
In this episode of Africa Daily, Alan Kasujja speaks to the negotiator leading the LDCs at COP29, Evans Njewa from Malawi.
He also hears from some Malawians about how money paid in as part of the Loss and Damage Fund has helped them recover from the effects of Cyclone Freddie which hit the country last year. For more on this, you can listen to The Climate Question podcast from next weekend.
Producer: Peter Musembi.
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Africa Daily
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