Kenya is pressing for reforms in multilateral development banks to unlock climate financing and scale-up climate finance based on new collective quantified goals.
Speaking at the ongoing Conference of Parties meeting in Azerbaijan, Prime Cabinet Secretary Musalia Mudavadi called for the redesigning of the credit rating matrix to lower the risk profile of developing countries.
This comes even as members of the African Civil society groups urged rich nations to enhance climate finance to the global south.
Kenya, just like many developing countries is paying a heavy price owing to effects of climate change.
From debilitating drought in 2022 that wiped out more than 2.4 million livestock to the deadly floods early this year.
CS Mudavadi urged developed nations to commit the 1.3 trillion dollars needed to address climate financing needs from 2025.
Mudavadi told the meeting this was crucial to accelerating implementation of the national adaptation plans, transitioning to low carbon and climate resilient developments.
African civil societies on their part are demanding action that will reflect the true scale of the climate crisis.
Speaking on the sidelines of the meeting, civil society groups said financial commitments by rich nations are vague or conditional, while carbon reduction pledges lack the bold targets required to limit warming.
The group also wants an urgent increase in funding to the loss and Damage fund beyond the USD 700 million pledged, speedy disbursements from the fund and the designation of Nairobi as the headquarters for the Santiago Network on Loss and Damage to enhance Africa’s access to support among other demands.
On his part, Pan African Climate Justice Alliance (PACJA) Executive Director Dr. Mithika Mwenda said African nations should not be forced into debt to combat a crisis they did not create.
“African nations should not be forced into debt to combat a crisis they did not create. Climate finance should be needs-based, sourced from public funds in the Global North, and provided as grants.” Said Dr. Mwenda.
He remarked that, climate finance must be reliable, accessible, and timely to address the immediate needs of Africa’s most vulnerable communities adding that fragmented or delayed funding is inadequate for the scale of the crisis.
He called for urgent action from governments, civil society institutions is needed to support Africa’s adaptive capacity.
“Urgent action from governments, civil society, and institutions is needed to support Africa’s adaptive capacity. Resources must reach grassroots efforts where adaptation is most critical” Dr. Mwenda stressed.
