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Home WORLD BUSINESS & ECONOMY

Mo Ibrahim calls for climate finance reform to power Africa’s development agenda

by Onome Amuge
November 10, 2025
in WORLD BUSINESS & ECONOMY
Mo Ibrahim calls for climate finance reform to power Africa’s development agenda

Onome Amuge

The Mo Ibrahim Foundation has urged Africa to shift from rhetoric to action by aligning its climate agenda with its economic ambitions, as world leaders prepare to meet in Belém, Brazil, for COP30 next week.

In a new research brief titled “Africa on the Road to COP30: From Addis Ababa to Belém,” the Foundation outlines how African countries can strengthen their position in global climate negotiations and push for reforms that better reflect the continent’s development needs.

The report builds on the Addis Ababa Declaration, adopted at the second Africa Climate Summit in September, where African leaders renewed their demand for a fairer global climate finance architecture to support adaptation, industrialisation, and sustainable growth.

With fewer than five years left to meet the 2030 Sustainable Development Goals (SDGs), the Foundation highlights the reality that only 6 per cent of the targets are currently on track in Africa. The report frames this within a broader paradox: the continent contributes just 3 per cent of global historical greenhouse gas emissions, yet remains the most exposed to the effects of a warming planet.

The Foundation argues that industrialisation remains the cornerstone of Africa’s development agenda, as enshrined in the African Union’s Agenda 2063. Its goal is for all African countries to attain middle-income status, but this, it says, must be achieved through a green industrialisation model that expands access to energy, creates jobs, and harnesses Africa’s natural endowments.

The research brief identifies four priorities for COP30 that could determine whether Africa’s climate diplomacy translates into tangible outcomes. These include:

  • Ensuring a just energy transition: Over 620 million Africans still lack access to electricity. The Foundation calls for investment in diversified energy systems, arguing that universal energy access should be treated as a climate imperative, not an afterthought.
  • Prioritising adaptation over mitigation: While Africa’s climate finance needs are estimated at $1.6–$1.9 trillion, most funding is still channelled toward mitigation. The report calls for scaling up grant-based support and embedding adaptation within national development plans.
  • Leveraging green assets: Africa holds some of the world’s largest reserves of critical minerals—including cobalt, lithium, and manganese—essential for the global green transition. The Foundation urges African governments to push for local value addition and fair supply chains at COP30, positioning the continent as a strategic partner rather than a passive supplier.
  • Securing smarter climate finance: With growing concern over profit shifting and lost revenues, the Foundation calls for international cooperation on minimum taxation and stronger domestic revenue mobilisation to finance both climate and development priorities.

According to the report, while Africa’s unified stance in climate diplomacy has gained momentum in recent years, delivery remains the defining challenge. Despite progress in regional coordination, the continent still attracts just 2 per cent of global clean energy investment.

“COP30 represents a crucial opportunity for Africa to move from commitments to implementation,” the Foundation said, adding that achieving both economic resilience and climate stability will depend on integrating climate action into national industrial strategies.

Onome Amuge

Onome Amuge serves as online editor of Business A.M, bringing over a decade of journalism experience as a content writer and business news reporter specialising in analytical and engaging reporting. You can reach him via Facebook and X

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