Climate talks close with big financial pledges for Africa

Nigerian delegates

Nigerian delegates pose for photos at the Kenyatta International Convention Centre following the official close of the Africa Climate Summit on September 6, 2023.

Photo credit: Evans Habil | Nation Media Group

The inaugural Africa Climate Summit concluded with substantial financial pledges aimed at fortifying Africa’s climate resilience.

While announcing the adoption of the declaration, President William Ruto said the summit had received funding pledges worth $23billion for green growth, mitigation and adaptation efforts across the continent.

The UK Minister for Development and Africa, Mr Andrew Mitchell, unveiled a Sh9 billion (£49m) investment across Africa during his visit to Kenya.

The new UK funding will be allocated to financial initiatives aimed at bolstering environmental efforts and help Africans manage the impact of climate change.

The COP28 President-Designate, Dr Sultan Al Jaber, said the United Arab Emirates (UAE), this year’s host of COP28, will provide $4.5 billion to unlock Africa's clean energy potential, alongside a $450 million investment in carbon credits through the Africa Carbon Markets Initiative.

Germany announced a debt swap deal with Kenya, under which it will pardon $65 million in exchange for a commitment from Kenya to invest the funds in green projects.

It also promised a further $486million to African nations to fight the impacts of climate change. During talks held at the Wangari Maathai Institute of Peace and Environment, African Development Bank President Akinwumi Adesina announced a $1 billion fund to accelerate climate financing for businesses belonging to Africa’s youth.

Speaking during the second day of the Africa Climate Summit where he announced $25 million towards climate financing, Mr Adesina called for changes in the global financial architecture to prioritise Africa’s needs, while also urging delegates to mobilise resources for climate financing.

Kenya also inked a deal worth $13 million with the European Commission president President Ursula von der Leyen that will see the European Union invest in Kenya’s green hydrogen industry. The EU also pledged $156 million that will go into the Global Getaway Investment Plan. The plan encompasses a wide range of initiatives, including investments in hydropower projects across the Democratic Republic of Congo, Burundi, Rwanda, and Tanzania. Additionally, the EU has committed €1 billion ($1.1 billion) to the Initiative on Climate Adaptation and Resilience in Africa, which was announced at COP27, in Sharm el Sheikh, Egypt, last year.

The United States Agency for International Development announced a funding of $35 million this year to enable communities build their resilience to climate impacts and sustainably grow their economies. Part of the funding ($1.4 million) will support Kenya to develop its carbon market regulatory and legal framework to ensure the integrity, transparency and equity of the market.