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Africa Climate Summit: AfDB Pledges $25 Million Financing

Africa Climate Summit: AfDB Pledges $25 Million Financing

The President of the African Development Bank (AfDB), Akinwumi Adesina, has announced a commitment of $25 million towards climate financing during his address at the Africa Climate Summit in Nairobi. 

Adesina emphasised the importance of reshaping the global financial system to prioritise Africa’s climate needs and urged delegates to rally resources for climate financing.

He stressed the significance of Africa harnessing its natural gas reserves in conjunction with renewable energy sources, emphasising the necessity of ensuring the resilience of the continent’s food and agriculture sectors in the face of climate change.

Adesina further encouraged African nations to proactively embrace climate-friendly initiatives, not solely due to external pressure but because it is imperative for their own well-being.

“We must revalue the wealth of Africa by accounting for the proper valuation of its natural resources, an example being the Congo forest which is a carbon sink. 

“Africa’s GDP must be reevaluated based on their carbon sequestration. Africa must develop its own carbon markets. It cannot be nature rich, and cash poor” he said.

EU Pledges Support at Africa Climate Summit

During the summit, President Ursula Von Der Leyen of the European Union (EU) commended the Kenya Climate Change Act of 2023 for its emphasis on carbon markets. 

She expressed her commitment to Africa by offering Europe’s support and partnership at COP28.

“Climate action is part of the solution, you (Africa) are part of the solution, with your renewable energy and green hydrogen.

“This is a win-win partnership which benefits Africa and the world. Africa could produce enough clean energy, not only to power Africa, but also to export outside the continent,” she said. 

Furthermore, President Von Der Leyen underlined the EU’s dedication to collaborating with Africa beyond resource extraction. 

The EU is eager to invest in African skills and technologies, fostering a sustainable and equitable partnership.

In her closing remarks, President Von Der Leyen urged Africa to take the lead in advocating for climate financing on the global stage at COP28.

“Green bonds are widely recognised as providing part of the solution. We are ready to share our expertise on how you can develop your green bond initiative,” she said.

Urgent Appeals for Equity in Climate Finance

Sultan Al Jaber, the President of COP28, acknowledged that the global effort to ensure the success of the Paris Agreement was falling behind.

“We must admit that we are not going to get the results we need with the time we have. We must also accept that business as usual is not working. 

“We need a smart pragmatic disruption. We need a plan that leaves no one behind. That is why I have been, and continue to, calling people to unite towards a plan of action that is fully inclusive,” he said.

While pledging to persist in advocating for the fulfilment of COP27 commitments, Mr. Jaber declared that COP would no longer entertain mere pledges and assurances.

“I will continue to press on the issues of the $100 billion pledge by donors, that they fulfil their pledge. What was promised in Sharm El Sheikh must be delivered in Dubai,” he said.

According to the AfDB, Africa requires $250 billion to meet its climate-related requirements. Nevertheless, Africa currently receives only 12 percent of this funding, with a mere 2 percent allocated to adaptation efforts.

The United Nations (UN) Secretary-General, Antonio Guterres, stressed the importance of overcoming the dependency on fossil fuels and called upon developed nations to establish a definitive plan for doubling climate adaptation funding.

“And they must live up to their $100 billion promise. Every country must implement the Action plans launched last year,” Mr Guterres said, calling for reform in the global financial system.