IGAD CAEP and UNDP today hosted a side event at COP29 in Baku, Azerbaijan on the need for enhanced climate resilience financing in the IGAD region  and used the opportunity to launch a regional policy brief on climate finance championing for a shift in humanitarian, climate and development finance.

The IGAD region remains one of the most vulnerable to climate change despite being responsible for less than 1% of global Greenhouse gas emissions. The Member States have developed NDCs and NAPs to ensure they adapt to the changing climate and fulfil their commitments in line with UNFCCC and its Paris Agreement. However, there is a significant challenge of financing the implementation of their climate policies despite their efforts of trying unlocking additional funding from domestic and
international sources. There is a recognition that investment in climate resilience pays significant dividends. A study by the Global Commission on Adaptation found that every $1 invested in five key adaptation areas could result in total net benefits of between $2-$10.

While there is need for enhanced climate finance support to IGAD Member States and Africa at large, there is also need for a strategic shift in the structure of financing mechanisms, to include climate, development and humanitarian finance. The New Collective Quantified Goal (NCQG) on Climate Finance has a unique opportunity to centre the needs and priorities of the global south including the IGAD Member States to achieve Paris Agreement targets.