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COP 28: Navigating Climate Finance – PALOP Perspectives and Innovation

COP 28: Navigating Climate Finance – PALOP Perspectives and Innovation

An insightful parallel event on Climate Financing took center stage yesterday at COP28 in Dubai, shedding light on the challenges and opportunities faced by Mozambique and its PALOP (African Portuguese-speaking countries) counterparts, including Angola, Cape Verde, Guinea-Bissau, and São Tomé and Príncipe.

The event, orchestrated by the Ministry of Economy and Finance of Mozambique, aimed to evaluate the accessibility of climate financing in less developed nations, drawing upon the experiences of PALOP countries.

Representatives from each PALOP nation took the stage, offering a nuanced contextualization of the current state of climate financing in their respective countries. Common issues echoed throughout the presentations, including a lack of transparency regarding mobilized funds, deficiencies in coordination, and national institutional capacity constraints.

Dr. Albano Manjate, Deputy National Director of Monitoring and Evaluation at the Ministry of Economy and Finance of Mozambique, and Focal Point for the Green Climate Fund (GCF), addressed the bureaucratic bottlenecks hindering international climate funds. He pointed out the prolonged approval processes for projects, despite the presence of supposedly expedited funding windows. Furthermore, he emphasized the need for transparency in the allocation of funds within multinational projects, noting that these projects tend to attract more co-financing.

Innovative financing sources were also on the agenda, with PALOP countries expressing optimism about the role of Carbon Markets in decarbonizing economies and enhancing climate resilience. However, they stressed the importance of preparatory measures, including understanding the market mechanisms and exploring options such as the voluntary market and Article 6 of the Paris Agreement. National regulatory frameworks were deemed essential for tapping into the potential of this climate financing mechanism.

Dr. Albano Manjate further highlighted debt-for-climate-action as an innovative financing mechanism, applauding the pioneering agreement between the Republic of Mozambique and the Kingdom of Belgium. This groundbreaking deal, valued at 2.4 million euros, was signed prior to the parallel event and exemplifies an opportunity for heavily indebted developing nations to address unsustainable debt levels.

In conclusion, the PALOP countries anticipate a paradigm shift in climate financing accessibility in the coming years. They expressed commitment to improving funding mobilization through existing sources and innovative mechanisms. The call for collaboration between nations and relevant stakeholders underscores the collective determination to navigate the complex landscape of climate financing, fostering a sustainable and resilient future.

Further Africa


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