By Bunmi Yekini
The Media for Environment, Science, Health and Agriculture (MESHA) in collaboration with ActionAid recently organized a webinar to sensitize journalists on the critical need for halting financial flows to climate-harming activities and refocusing efforts on renewable energy and agroecology. The event, titled “The Finance Flows Failing Our Planet,” highlighted how misdirected financial priorities from global banks, corporations, and governments are exacerbating climate injustice, particularly in the Global South.
Susan Otieno, Executive Director at ActionAid International Kenya, stressed Africa’s untapped potential in renewable energy. “Africa has the capacity to produce energy 50 times greater than the global electricity demand projected for 2040,” Otieno said, emphasizing that Africa is home to over 40% of the world’s critical minerals needed for green technologies. Yet, despite these natural advantages, the continent remains energy insecure, and the effects of climate change, such as floods and droughts, disrupt its food production systems.
Otieno called for a greater focus on agroecology as a viable solution to Africa’s food insecurity, saying, “Agroecology offers a pathway for Africa to transition from being food insecure to sustainable agricultural practices.” This approach, she noted, could significantly improve resilience against climate change while reducing poverty.
At the core of the discussion was the imbalance of power between the Global North and the Global South. Otieno questioned why the burden of staying green is largely placed on Africa when industrialized nations have built their economies on the back of fossil fuels. “Are the North kicking away the ladder of their progress so that Africa does not industrialize?” she asked, arguing that rich countries have not paid their fair share for environmental degradation.
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Otieno urged journalists to interrogate these asymmetries, highlighting the cultural, political, and economic disparities that continue to perpetuate climate injustice. “It is critical to ask, who decides what Africa needs? How much and how to utilize it?” she said, emphasizing that African countries should lead their own sustainable development initiatives.
Teresa Anderson, a leading figure in climate policy at ActionAid also called for immediate and sweeping changes to global finance flows to address the escalating climate crisis. In her presentation, Anderson emphasized the urgent need for climate justice and outlined why finance is at the heart of any meaningful solution.
“When we talk about social justice, we mean economic justice, women’s rights, and, of course, climate justice, Anderson said, stressing that climate change is reversing decades of progress in these areas, particularly in the Global South.
She described the profound inequities at the heart of the climate crisis. Wealthy countries and corporations in the Global North, which have historically been the largest contributors to greenhouse gas emissions, continue to evade the worst impacts of climate change, while those least responsible, the Global South, are suffering the most severe consequences. Anderson explained that a principle known as “historical responsibility” should guide how the world tackles the climate crisis.
“Global South countries have only recently begun to industrialize, if at all,” Anderson said. “Meanwhile, wealthy countries have been polluting for over a century. This inequity means the Global North must take the lead in cutting emissions and providing the necessary finance to help vulnerable communities cope with the devastating impacts of climate change.”
Highlighting recent research by ActionAid, Anderson underscored how billions of dollars are still being directed towards fossil fuels and industrial agriculture, two of the most significant drivers of climate change, rather than green alternatives.
“Since the Paris Agreement was signed in 2016, banks have funneled $3.2 trillion into fossil fuels in the Global South,” she said. “This is absurd when we know we have hardly any time left to avoid runaway climate breakdown.”
The alarming statistics presented by Paula Castro, ActionAid International’s Climate Justice Policy Advisor, further showed the urgency of addressing climate change. “Research shows that 3.6 billion people already live in areas highly susceptible to climate change, and the poorest countries have been hit by nearly eight times as many natural disasters compared to the 1980s,” Castro shared.
She painted a grim picture of the human toll, 2 billion people lack access to safe drinking water, and climate-induced food insecurity affects 258 million people, with 174 million of them suffering due to climate and conflict-related disruptions. Women and girls are disproportionately impacted, making up 80% of those displaced by climate disasters and 7 out of 10 people facing hunger.
The issue of debt was another central theme, with Castro highlighting that 93% of countries most vulnerable to the climate crisis are in debt distress. Many are cutting back on essential public services due to the financial burdens imposed by international financial institutions like the IMF. “The Global North owes over $100 trillion in climate debt to the Global South by 2050,” Castro revealed, adding that multinational corporations and banks continue to profit from fossil fuel extraction in developing nations.
Both Otieno, Anderson and Castro emphasized that any meaningful climate action must address the disproportionate contributions to, and effects of, climate change. Otieno asserted, “We need a fair climate justice fund and honest collaborations between governments, universities, and industries to drive research and sustainable industrialization powered by renewable energy.”
The webinar also called for strong policy choices that prioritize Africa’s needs. “We must focus on Africa-led approaches towards food sovereignty, industrial transformation, and skilling the youth for a green economy,” Otieno concluded.
The message was clear: without a radical shift in how climate finance is mobilized, the Global South will continue to bear the brunt of the climate crisis. As negotiations for COP29 approach, African leaders and advocates are pushing for justice, not only for the planet but for the people most affected by its changing climate.