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Mozambique Among African Countries Calling for More Climate Finance

Mozambique Among African Countries Calling for More Climate Finance

Mozambique is among the African nations that have expressed dissatisfaction with the new climate finance target set at COP29, held in November in Baku, Azerbaijan.

The target, set to mobilise around 19.2 billion meticals (300 billion dollars) annually by 2035, has been widely criticised for being insufficient in the face of the challenges faced by developing countries, including the serious impacts of climate change affecting Mozambique, reported Engineering News.

Frequently hit by extreme phenomena such as cyclones, floods and droughts, Mozambique is facing increasing pressure on its communities and economy.

According to a report by the World Meteorological Organisation (WMO), the effects of climate change could reduce the Gross Domestic Product (GDP) of African countries like Mozambique by up to 5% in the coming years. In addition, the exposure of millions of people to extreme weather events threatens to exacerbate poverty and jeopardise development efforts.

The target of 19.2 billion meticals, which replaces the previous 6.4 billion meticals pledged annually, will be made up of a combination of private funding, loans and other sources, which could make it difficult for the most vulnerable countries to access. Experts say that the amount needed to meet the real needs of climate adaptation and mitigation exceeds 64 billion meticals a year.

During COP29, Mozambique called for greater international support to finance projects that guarantee climate resilience and protect the most affected communities. These measures include strengthening infrastructure, protecting coastal areas and strengthening sustainable agriculture.

With increasingly severe climate impacts and insufficient financial resources, the global response to the climate crisis remains a significant challenge for Mozambique, which is seeking viable solutions to guarantee the country’s security and sustainable development.

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