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The first-ever Africa Climate Summit reiterated global taxes to fund climate action, and also calls for financial reforms to help African countries.
The first-ever Africa Climate Summit reiterated global taxes to fund climate action, and also calls for financial reforms to help African countries. The landmark summit in the Kenyan capital Nairobi, came to a close with leaders adopting a joint “Nairobi declaration” to highlight the continent’s potential as a green powerhouse and encourage other world leaders to support new global carbon taxes. This declaration will serve as a basis for Africa’s common position in the global climate change process, the final document underlines that no country should ever have to choose between development aspirations and climate action.
Backed by the leaders of the continent of 1.3 billion people, a population set to double by 2050 the declaration will form the basis of Africa’s negotiating position at the 28th UN Conference of the Parties on Climate Change (COP 28), to be held from 30 November to 12 December 2023 in the United Arab Emirates (UAE).
The declaration calls on the world’s biggest emitters of greenhouse gases and its richest countries to keep their promises of an unfilled pledge of $100 billion in annual climate finance to developing nations, made 14 years ago.
Despite suffering from some of the worst impacts of climate change, Africa only receives about 12% of the financing it needs to cope. African countries are forced to pay borrowing costs that are five to eight times higher than wealthy countries, leading to recurrent debt crises and preventing them from spending more to respond to climate change. The declaration therefore also seeks to reform a global financial system that forces African nations to pay more to borrow money and calls for the continent’s vast mineral wealth to be harvested and processed in Africa.
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Africa is not only the cradle of humanity, it is indeed the future and Africa demands a fair playing ground for its countries to access the investment needed to unlock the potential and translate it into opportunities, stated Kenyan President William Ruto.
Renewable energy could be “the African miracle” if the continent could create an alliance with developed countries, financial institutions, and technology companies to drive progress. The climate in the region is particularly well suited to solar power generation. Multiple forces must work together for Africa to make it a renewable energy superpower, said UN Secretary-General Antonio Guterres at the summit.
