The dust has barely settled from COP29 in Baku, yet African policymakers, investors, and civil society leaders are already shifting their focus to implementation. For many, the summit delivered what they had long demanded: greater visibility for Africa’s adaptation needs and a renewed commitment to climate finance. But the question remains — will the pledges materialize into tangible projects?
At COP29, developed nations reaffirmed the overdue $100 billion annual climate finance goal, and more notably, agreed to operationalize the Loss and Damage Fund with an initial $20 billion in pledges. African countries, particularly those from climate-vulnerable regions such as the Sahel and Horn of Africa, welcomed the announcement cautiously.
“It’s a step forward, but we’ve been here before,” said Mohamed Adow, director of Power Shift Africa. “Without clear disbursement pathways and accountability, these pledges risk remaining on paper while communities face worsening droughts, floods, and displacement.”
Turning Commitments Into Projects
Several African governments used COP29 to spotlight shovel-ready projects. Nigeria unveiled its $1.5 billion Green Infrastructure Fund, designed to finance renewable energy corridors and resilient urban housing. Kenya pitched the Africa Adaptation Marketplace, a platform to connect climate entrepreneurs with blended finance from donors and investors.
“The conversation is no longer about whether the money is there,” said Kenya’s Cabinet Secretary for Environment Soipan Tuya. “It is about structuring projects in a way that attracts capital and delivers impact.”
Investor Momentum
Private investors also made their mark in Baku. The African Union (AU), in partnership with the Global Infrastructure Facility, launched a $10 billion pipeline of renewable and resilience projects targeting East and West Africa. Institutional investors from Europe signaled interest in financing large-scale solar and wind farms, particularly in Egypt, Morocco, and South Africa.
This momentum could be game-changing if sustained, analysts say. “We are seeing Africa position itself not just as a victim of climate change, but as a frontier for solutions,” noted Fatima Denton, director of the UN University Institute for Natural Resources in Africa.
Diaspora Capital Still Untapped
One glaring gap, however, is the underutilized role of the African diaspora in climate finance. With remittances exceeding $55 billion in 2024, diaspora communities remain an untapped pool for climate-linked bonds and co-investment vehicles.
“The diaspora’s emotional and financial commitment is a critical lever,” argued economist Carlos Lopes. “By designing instruments that connect diaspora investors to specific projects — whether renewable energy or resilient agriculture — Africa can close part of the finance gap.”
A Pivotal Year Ahead
As the African Union prepares for COP30 in Brazil, the narrative has shifted. African negotiators know they cannot rely solely on donor commitments. Instead, they are aligning with private capital, diaspora resources, and innovative instruments such as carbon markets.
“COP29 was about promises,” said Ethiopia’s Environment Minister Getahun Mekuria. “COP30 must be about proof.”
