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The Nairobian

Mudavadi calls for streamlined climate financing at COP29

Environment & Climate

By Mactilda Mbenywe | Nov 13, 2024

**Prime Cabinet Secretary Musalia Mudavadi with Environment CS Aden Duale during high level climate engagements at the ongoing COP29 in Baku, Azerbaijan.** [Courtesy Prime CS X]

Prime Cabinet Secretary Musalia Mudavadi has emphasised a crucial demand from developing nations a streamlined and dependable flow of climate financing for countries on the front lines of climate change.

Speaking to the press on the sidelines of the COP29 summit in Baku, Mudavadi highlighted the need to turn climate commitments into tangible, accessible funding, especially for African countries facing extreme weather, droughts, and food insecurity.

“The flow of resources is very important,” Mudavadi asserted, urging for transparent and efficient disbursement systems that ensure commitments are fulfilled for affected countries.

"Out of these commitments, we need to see how much went to Africa,” he said, proposing a clear accounting framework to track promised funds.

Mudavadi pointed out that many developing nations are weighed down by public debt, limiting their ability to address climate impacts independently.

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“We’re dealing with a lot of public debt through expensive funding,” he noted. “Re-engineering climate finance to make it concessional, with interest rates of 1 per cent or lower and extended repayment terms, would allow countries to pursue climate action without jeopardizing economic stability.”

He argued that this shift would empower nations to advance climate adaptation and mitigation effectively without exacerbating financial vulnerability.

Mudavadi also referenced Kenya’s challenges, such as severe droughts that threaten food security and livelihoods, noting that other countries face different crises like flooding or rising sea levels.

“It is important for each country to focus on programs tailored to their specific challenges,” he said, advocating for bilateral and multilateral agreements that reflect the unique environmental needs of each nation.

“Kenya, for example, needs solutions that directly address our drought challenges,” he added.

Environment Cabinet Secretary Aden Duale underscored Kenya’s progress in carbon trading regulations, which require 40 per cent of any carbon project’s benefits to support local communities.

“Forty per cent will go to the local community in terms of education, healthcare, and other local needs,” Duale stated, explaining that this policy aims to assist those directly impacted by climate change.

The regulation, passed by Kenya’s Parliament, represents a shift toward mandated community benefits, moving away from voluntary carbon trading models.

Kenya’s delegation expressed a cautious stance on transparency and accountability in climate finance, with climate policy expert Joab Okanda commenting, “It is better to leave Baku with no deal than a bad one,” reflecting a broader frustration over past unfulfilled promises.

Wealthy nations had committed to providing USD100 billion annually by 2020 to support climate adaptation in developing countries, yet those funds have not been fully delivered.

A significant item on COP29’s agenda is the New Collective Quantified Goal (NCQG), a new climate finance framework aimed at setting a floor of USD100 billion per year before 2025. Its implementation is expected to establish a more enforceable, reliable climate finance system.

“We need to ensure that these funds are accessible to those most affected,” Mudavadi emphasized, advocating for an inclusive finance model that adapts to each country’s unique circumstances and climate risks.

He reiterated, “We’ve had enough of pledges. What we need now is actual support.”