The African Export-Import Bank (Afreximbank) actively participates in COP29 in Baku, Azerbaijan, reaffirming its commitment to facilitating a fair energy transition for Africa. This transition addresses the continent's critical development needs and unlocks its economic potential.

Afreximbank's presence at COP29 aligns with the African Union’s Nairobi Declaration from the 2023 Africa Climate Summit. Building on the outcomes of COP28, the Bank aims to enhance climate financing, address loss and damage compensation, promote natural gas as a transitional fuel, and mobilize high-quality climate funding. Afreximbank will integrate climate change into its development objectives, emphasizing the role of the African Continental Free Trade Area (AfCFTA) in fostering sustainable growth and regional integration. These actions are rooted in the core principles of the African Union’s Agenda 2063: The Africa We Want.

One of Afreximbank’s key objectives is to advocate for the rapid operationalization of the Loss and Damage Fund, which provides financial support to countries suffering from climate-related losses. The Bank will also push for timely disbursement of funds to African nations, enabling them to address both immediate and long-term climate impacts. Furthermore, the Bank will emphasize transparent and accessible financing mechanisms to ensure local communities directly affected by climate change receive the support they need.

Speaking at Africa Day at the African Union Pavilion during COP29, Professor Benedict Oramah, President of Afreximbank, stated: “Africa is disproportionately affected by the impacts of global climate change despite being responsible for less than 4% of global emissions. Economic losses, migration, and regional instability are significant effects of climate change on the continent, likely to intensify over the next decade. We have reached a point where taking action is not just good environmental governance but also sound economic policy, as the cost of immediate and decisive action is far less than the cost of inaction or delayed efforts. The issue of climate adaptation financing for Africa and the Caribbean island states has become urgent, and our participation in COP29 is an opportunity to champion their climate priorities, amplify their voices in global discussions, and push for critical climate funding.”

Professor Oramah emphasized that financial resources and strategic investments are essential to combating climate change, reducing emissions, fostering adaptation, and building resilience. He noted that Africa requires between .3 trillion and .6 trillion annually in total climate financing until 2030 to meet urgent needs. As a development partner for Africa and the Caribbean, Afreximbank will advocate for policies and investments aimed at accelerating Africa’s energy transition, responsibly developing the continent’s abundant natural resources, and ensuring adequate infrastructure to reduce energy poverty, facilitate trade, and position Africa for a fast and sustainable energy transition.

Afreximbank will also advocate for strengthening the New Collective Quantified Goal (NCQG) on climate finance, replacing the previous 0 billion commitment, which saw inadequate disbursement. The Bank will further push for financial mechanisms like green bonds, concessional loans, and carbon markets to fund Africa’s climate projects.

Afreximbank will participate in side events and roundtables at COP29, focusing on Africa-driven solutions. These include a session on “Financing a Green Transition in Solidarity” on November 14, featuring high-profile speakers such as Professor Benedict Oramah, Josefa Sacko, African Union Commissioner for Agriculture; Claver Gatete, Executive Secretary of the Economic Commission for Africa; Wamkele Mene, Secretary-General of AfCFTA; and others. Professor Andreas Klassen, Research Associate at the University of Oxford, will moderate the session.

Additionally, the Bank will participate in the "Sustainable Trade Africa" event on November 15, organized in collaboration with UAE Trade. Speakers will include Yoofi Grant from the Ghana Investment Promotion Centre, Oluranti Doherty, Afreximbank’s Director for Export Development, and other leaders and experts.

Afreximbank remains committed to amplifying African voices in global climate discussions, supporting a just energy transition for the continent, advocating for the swift implementation of the Loss and Damage Fund, and aligning African trade with climate goals.