Kenya Calls for Comprehensive Climate Finance Reforms at COP29 » Capital News

BAKU, Azerbaijan Nov 11 – Kenya’s Prime Cabinet Secretary Musalia Mudavadi has outlined Kenya’s priorities for the global climate finance system during the COP29 conference that kicked off on Monday.

Mudavadi, who is also the Foreign and Diaspora Affairs Cabinet Secretary, called for substantial reforms to make financial structures more accessible effective, and fair.

Speaking to journalists at Azerbaijan where he is representing President William Ruto, Mudavadi said there is an urgent need for equitable financial frameworks to combat climate change.

“We expect a re-engineering of the financial architecture so that it can be more friendly, making it more accessible and effective,” he told journalists seeking his expectations of the global conference taking place at the capital Baku.

Kenya’s delegation, led by Prime Cabinet Secretary Mudavadi and Environment Cabinet Secretary Aden Duale, stressed urgent need for a system where polluters pay more, and those most affected by climate change receive compensation.

“Polluters should pay more, and those who suffer the consequences of climate change should be compensated,” he added.

Kenya’s call for reforms comes amid rising concerns over the lack of adequate financing for developing countries, particularly those in Africa, to address the devastating impacts of climate change.

Mudavadi reiterated Kenya’s long-standing demand for increased financial support, underscoring that wealthier nations and large polluters must contribute more to tackle climate challenges

Kenya, along with other African nations, has been vocal at COP29 about the need for more accessible climate finance.

African leaders, in particular, are calling for an annual $1 trillion in adaptation funds by 2030 to support vulnerable countries in building resilience against climate impacts.

Mudavadi also emphasized the importance of activating the long-term pandemic fund—an initiative designed to support climate-affected communities and help them recover from crises.

He called for simplifying the process of accessing carbon credits.

Currently, many countries face significant bureaucratic hurdles when attempting to engage in carbon trading mechanisms that would allow them to offset emissions.

“We are also looking forward to the activation of the long-term pandemic fund, as well as a streamlined process to facilitate easier access to carbon credits, without complications,” Mudavadi said.

Kenya has been a vocal advocate for climate justice, with President Ruto positioning sustainability as a core national agenda.

As part of this, the government has worked to ensure that Kenya’s climate action strategies focus on adaptation—helping vulnerable communities build resilience to the impacts of climate change.

Kenya is among the countries in Africa experiencing increasingly erratic weather patterns affecting agriculture, water supplies and economic stability.

The Prime Cabinet Secretary’s remarks are aligned with broader discussions at COP29, where nations are discussing the urgent need for a comprehensive, global approach to address climate change.

Key Objectives of COP29

With climate concerns at a peak, this year’s agenda is ambitious, focusing on emission reductions and financial support for vulnerable nations. The United Nations Framework Convention on Climate Change, signed in 1992, established COP as the principal global platform to address climate impacts, attended by 198 nations. COP29 is expected to drive discussions that will impact economic and environmental policies globally, particularly through a push for renewable energy. Agreements could accelerate the shift to clean energy sources like wind and solar, potentially impacting energy prices and air quality, although there may be short-term costs involved in the transition.

Finance in Focus: African Push for Change

Dubbed the “finance COP,” COP29 sees developing nations calling for greater financial support, with African countries advocating for $1 trillion in annual adaptation funding by 2030. This funding would address critical needs in agriculture, health, and infrastructure. African leaders are also calling for international financial reforms to make climate funding more accessible, citing current support as insufficient for the escalating climate challenges. Wealthier countries, including the UK, contribute to climate funds primarily through taxpayer-funded aid budgets, while private institutions are expected to play a growing role in climate financing.

A major topic is the accountability of developing economies like China and the Gulf states. Currently exempt from contributing to climate finance under the Paris Agreement, wealthier nations argue that their contributions are essential to meeting financial targets. These funds are crucial for assisting developing nations in adapting to rising temperatures, which are projected to make 2024 the hottest year on record.

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