Saudi Press

Saudi Arabia and the world
Wednesday, Mar 25, 2026

African nations demand climate change financing ahead of COP27

African nations demand climate change financing ahead of COP27

The African continent emits only some 3 percent of global CO2 emissions, yet is among the most exposed to climate change.

The leaders of two dozen African countries have urged wealthier nations to uphold their aid pledges so the continent can tackle climate change effects for which it shares little blame.

African ministers made their call in a communique at the close of a three-day forum in the Egyptian capital Cairo on Friday and two months before Egypt hosts the crucial COP27 climate conference in Sharm El-Sheikh in November.

We urge “developed countries to fulfil their pledges in relation to climate and development finance, and deliver on their commitments to double adaptation finance, in particular to Africa,” the 24 leaders said in a closing statement.

The African continent emits only some three percent of global CO2 emissions, former UN chief Ban Ki-moon noted this week.

And yet African nations are among those most exposed to the effects of climate change, notably worsening droughts and floods.

The African leaders said the financial aid was needed in view of “the disproportionate impact of climate change and nature loss on the African continent”.

Africa not only has a “low carbon footprint”, they said, but it also plays a key role in capturing greenhouse gases, including in the Congo Basin, which is home to the world’s second-largest tropical rainforest after the Amazon.



‘Abrupt disinvestments from fossil fuels’


The communique urged rich countries to meet and expand climate pledges, and said poor countries should be able to develop economically while receiving more funds to adapt to the effects of climate change.

The document stressed “the need to avoid approaches that encourage abrupt disinvestments from fossil fuels, as this will … threaten Africa’s development”.

The role of gas in the transition to cleaner energy is set to be a key point of contention at COP27. Climate activists say it needs to be quickly phased out and replaced with renewables.

But, Nigerian finance minister Zainab Ahmed told the Cairo forum that gas was a matter of survival for her country.

“If we are not getting reasonably-priced finance to develop gas, we are denying the citizens in our countries the opportunities to attain basic development,” she said.




The communique also called for focusing on climate change in a review of multilateral development banks and international financial institutions. It suggested the creation of a sustainable sovereign debt hub that could reduce the cost of capital for developing states and support debt-for-nature swaps.

Funding to help poorer countries curb their emissions and strengthen their resilience will be a key issue at COP27.

A longstanding goal for developed countries to spend $100bn a year from 2020 on helping vulnerable nations adapt to climate change remains unmet.

According to the African Development Bank, the continent will need as much as $1.6 trillion between 2020 and 2030 for its own efforts to limit climate change and to adapt to the adverse effects that are already apparent.

Kevin Chika Urama, chief economist at the African Development Bank, said Africa faced a climate financing gap of about $108bn each year.

“Climate finance structure today is actually biased against climate-vulnerable countries. The more vulnerable you are the less climate finance you receive,” he said.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia Expands Regional Trade Links by Opening New Land and Sea Routes to UAE
World Economic Forum Delays Saudi Conference as Regional Conflict Disrupts Global Agenda
Saudi Arabia and UAE Signal Potential Entry into Iran Conflict if Critical Infrastructure Is Targeted
Global Firms Accelerate Expansion into Saudi Arabia as Economic Reforms Gain Momentum
Global Labour Pressure Mounts as ILO Faces Calls to Reject Saudi Bid to Dismiss Migrant Worker Complaint
Gulf Powers Move Closer to Entering Iran Conflict as Regional Pressure Intensifies
Saudi Arabia Breaks Ranks with Regional Allies Over Response to Iran Escalation
Saudi Arabia Moves Closer to Direct Role as Iran Conflict Intensifies
World Economic Forum Postpones Jeddah Meeting Amid Escalating Regional Tensions
Saudi Crown Prince Reportedly Urges Trump to Sustain Military Pressure on Iran
Trump to Deliver Keynote Address at Saudi-Backed Investment Summit in Miami Beach
Saudi Arabia and Kuwait Press Ahead With Energy Agreements Despite Regional Conflict
Can Saudi Arabia’s Yanbu Port Replace Hormuz? Capacity Limits Test Critical Oil Lifeline
Saudi Arabia Detects Ballistic Missiles as Regional Tensions Escalate in Gulf
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Arabia and UAE Push Ahead With Major Deals Despite Iran-Related Uncertainty
Formula One Cancels Bahrain and Saudi Arabia Grands Prix Amid Escalating Regional Tensions
Pakistan Signals Strategic Realignment Toward Saudi Arabia Amid Regional Tensions
Saudi Arabia Cuts Oil Shipments to Asia as Regional Conflict Disrupts Key Export Routes
Saudi Arabia Moves to Contain Regional Escalation as Houthis Signal Readiness to Join Conflict
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Egypt Reaffirms Strong Support for Saudi Arabia as Sisi Condemns Iran’s Gulf Attacks
Saudi Stocks Close Higher as Tadawul Index Gains 0.55% on Broad Sector Strength
Iran Fires Ballistic Missiles Toward Riyadh as Gulf Conflict Intensifies
Barcelona Midfielder Marc Casadó Attracts €40 Million Interest from Saudi Clubs
Strait of Hormuz Tensions Rise as Saudi Arabia Opens Key Air Base to US Forces
Saudi Arabia Confronts Strategic Turning Point as Iran Conflict Redefines Regional Alliances
Saudi Arabia Intercepts Missile as Two Others Land in Remote Area Without Casualties
Saudi Expulsion of Iranian Military Attaché Raises Doubts Over Fragile Riyadh–Tehran Rapprochement
Saudi Arabia’s Strategic East–West Pipeline Gains Global Attention as Energy Routes Face Growing Risks
Iran Reportedly Reduces Strikes on Saudi Arabia Amid Concerns Over Strong Retaliation
Saudi Arabia Criticises Israeli Strikes in Southern Syria Amid Rising Regional Tensions
Egypt and Saudi Arabia Warn Iran’s Actions Threaten Stability Across the Gulf
Egypt and Saudi Arabia Warn Iran’s Actions Threaten Stability Across the Gulf
Saudi Arabia Unveils Comprehensive 2026 Roadmap to Streamline Company Formation
Saudi-UAE Tensions Reveal Emerging Rivalry at the Heart of Gulf Power Dynamics
Saudi Arabia Launches Gulf Maritime Support Initiative to Safeguard Shipping
Saudi Arabia Expands US Military Access as UAE Braces for Prolonged Iran Conflict
Saudi Arabia Expels Iranian Diplomats Amid Escalating Regional Tensions
Saudi Arabia’s Edarat Wins Major Data Centre Deal with Regional Bank
Iran Intensifies Gulf Offensive as Saudi Arabia Intercepts Dozens of Drones
Regional Powers Hold Security Talks as Turkey Seeks New Strategic Pact
Asian Refiners Urge Saudi Arabia to Revise Oil Pricing Mechanism Amid War-Driven Volatility
Gulf States Weigh US Base Access and Military Alignment as Iran War Intensifies
IRGC Claims Strikes on Israel, Kuwait and Saudi Arabia as Conflict Widens
Remains of Fallen Soldier Repatriated Following Death in Saudi Arabia
Saudi Arabia Intercepts Multiple Drones Amid Continued Iranian-Linked Attacks
Iran Tensions Challenge Saudi Arabia’s Strategic Shift to Red Sea Oil Exports
×