20.11.2024
The 17th AEEP Energy Talks on 9 December 2024 (11:00-13:00 CET/13:00-15:00 EAT) will delve into the outcomes from the pivotal climate finance negotiations at COP29 in Baku on 11-22 November. The webinar will examine the critical role of the AU-EU partnership in financing and supporting action to reach the Nationally Determined Contributions (NDCs) in Africa, particularly through energy projects, and thus contributing to the achievement of SDG7.
One of the main priorities of this year’s COP is to establish a new financial target under the New Collective Quantified Goal (NCGG), replacing the previous $100 billion/year commitment set during COP15. This shift is critical for developing countries as it will influence their ability to finance NDCs and determine whether they can enhance the ambition of the next round of NDCs due in 2025. Notably, estimates from a 2022 Climate Policy Initiative (CPI) study indicate that financing needs for previous NDCs amounted to $2.8 trillion for the 2020-2030 period, yet current levels of climate finance, particularly in Africa, fall significantly short of these requirements.
To push political agreements to concrete action, the African Group of Negotiators (AGN) advocates for several key priorities in international climate change negotiations, particularly focusing on increased and more accessible climate finance for African countries, enhanced support for adaptation measures, and expanded access to low carbon energy and clean cooking.
Still, many African countries face significant financial gaps in implementing their NDCs, particularly in the energy sector, where transitioning to renewable sources is essential for both climate mitigation and socio-economic development. The partnership between Africa and Europe offers access to advanced technologies, financial resources and technical expertise that can help to effectively achieve national climate goals. A practical example is the recently launched NDC Support Centres, established by the African Energy Commission (AFREC), and supported by the Flemish research institute VITO. The NDC Support Centres promote the improvement of energy statistics in countries such as Malawi, Morocco, Mozambique, and Uganda, enhancing modelling capabilities, and strengthening governance processes for NDC reporting under the Paris Agreement.
Through the voice of experts from both continents, the 17th AEEP Energy Talks will provide valuable insights into what the outcomes of COP29 mean for Africa and how Africa-Europe collaboration can continue to strengthen the implementation and financing of actions towards reaching the NDCs.
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