The festive COP29 climate talks are underway in Baku, Azerbaijan, led by COP29 President Mukhtar Babayev. Kenya, chairing the African Group of Negotiators, is set to advocate for climate finance support, especially to address loss and damage, and push for updated carbon market policies. Climate disasters impact Kenya’s economy by three to five percent of GDP annually, underscoring the need for strong backing in Baku. COP29 is seen as the “Finance COP,” emphasizing actions beyond promises.
In addition to the critical 1.5°C global temperature limit, discussions include a New Collective Quantified Goal (NCQG) on climate finance, expected to be finalized by 2025, which aligns with Kenya’s call for enhanced financial ambitions from wealthier nations. Achieving global climate goals by 2030 will require an estimated $2.4 trillion in funding, while Africa alone may need $1.3 trillion annually to address climate challenges.
Developed countries’ unmet promise of $100 billion annually for climate finance has highlighted the need for more inclusive and actionable solutions. As droughts and other climate events strain Kenya, the delegation is pushing for greater financial support, penalties for unmet commitments, and transparency to ensure funds reach the most affected regions. With strengthened financial accountability, COP29 offers a crucial opportunity for concrete climate action.
