Climate Talks Open Gateways for Africa’s Climate Funding

After three intense days full of problem sharing, search for solutions, and discussions, The Africa Climate Summit 2023 came to a close with the Nairobi Declaration that calls for a new financing architecture that responds to Africa’s needs including debt restructuring and relief.

The Nairobi Declaration also calls for rich carbon polluters to honor their climate pledges to poor nations, it also urges the leaders to back the proposed carbon tax on fossil fuel trade.

With the announcement of the adoption of the Nairobi Declaration, President Ruto announced that the summit had received funding pledges worth $23 billion for green growth and adaptation efforts in Africa.

The summit further struck several financial deals with wealthy financiers who are willing to invest in Africa’s dreams towards achieving their adaptation goal and their visions towards finding opportunities amidst climate change effects to foresee development.

During his visit to Kenya, the UK Minister for Development and Africa Mr. Andrew Mitchell unveiled the new UK funding worth £49 million that will fund green projects in Africa.

Africa Development Bank President Akinwumi Adesina announced a $1 billion fund that will accelerate climate financing for African youth businesses during the talks held at Wangari Maathai Institute of Peace and Environment.

Addressing the delegates during the second day of the Africa Climate Week summit, Adesina also announced $25 million for climate financing. He called for global financial architecture that will prioritize Africa’s needs.

Dr. Sultan Al Jaber, the COP 28 President Designate said the United Arab Emirates which will host this year’s COP 28 will provide a $4.5 billion investment in carbon credits through the Africa Carbon Markets Initiative.

The world is awaiting the climatic revolutions that will take place as Africa is now determined to attract global funding and support that will steer their climate change adaptation solutions.

The first African Climate Summit has created a stronger unified voice for all the states towards charting new courses to address the effects of climate change and development agendas that will see to it that Africa thrives.

The delegates called for the implementation of all the proposals made during the COP27 on the Loss and Damage Fund before the next United Nations Climate Change Conference (COP28) in Dubai.

During Climate Week, the leaders also called for faster acceleration in the reduction of emissions in order to meet the goals of the Paris Agreement to meet the commitment to provide $100 billion for annual climate finance as pledged 14 years ago at the Copenhagen conference.

During the three-day summit, the African heads also expressed their concerns about the challenges Africa faces every year including weather events and disproportionate patterns associated with climate change like prolonged drought, devastating floods, and wildfires which pose social and economic risks in the continent.

Being the first-of-a-kind summit for African nations, a united voice has been developed, a voice that will foresee eligible funding and development in Africa, a voice that will dominate the African Agenda during the United Nations Climate Change Conference and even during the next COP28 in Dubai.

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