“The Bank’s participation will align with the African Union’s Nairobi Declaration from the 2023 Africa Climate Summit and build on COP28’s actions around climate finance, loss and damage compensation, using gas as a transitional fuel, and mobilising high-quality climate finance,” said Afreximbank. A primary objective of the Bank at COP29 is to advocate for the swift operationalisation of the Loss and Damage Fund. Guterres made the appeal in remarks to a high-level dialogue on loss and damage funding during COP29. “In an era of climate extremes, loss and damage finance is a must,” he said. “We need to implement solidarity levies on sectors such as shipping, aviation, and fossil fuel extraction – to help fund climate action.

Source: The North Africa Journal November 14, 2024 18:01 UTC