Nairobi: First African climate summit calls for ‘new financial architecture’

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At the end of the first African climate summit, participating states called for a “new financial architecture” taking into account global warming. A massive increase in funds is required for the green transformation of the economy in Africa, according to the final declaration adopted in Nairobi on Wednesday. Environmental experts recognized the summit as an important step on the road to successful negotiations at the COP28 world climate conference held in Dubai in December.

The Nairobi Declaration stated that Africa has “the potential and willingness to be an important part of the global solution to climate change”. The incremental expansion of renewable energies “on a scale that can make a meaningful contribution to the decarbonisation of the global economy” requires massive financial support that “takes into account Africa’s needs, including debt restructuring and debt relief”.

According to the statement, the continent needs “a tenfold increase in financial capital flowing into renewable energy” over the next seven years – an amount equivalent to roughly $600 billion (534 billion Swiss francs).

The declaration warns wealthy industrialized countries, whose emissions are a particularly strong contributor to climate change, to meet their climate commitments to poorer countries and reduce CO2.₂– Taxation on the fossil fuel trade, support of shipping and aviation.

The host of the conference, Kenyan leader William Ruto, concluded by saying that the sum of the financing commitments at the summit was $23 billion. However, he did not give a detailed explanation. Speaking on behalf of the African summit participants, Ruto called for “fair conditions for our countries to access the investments they need to unlock their potential and turn it into opportunity”.

The Kenyan president argued that the 54 African countries at the summit were more interested in renewable energy opportunities than in Africa’s role as the main victim of the climate crisis. Ruto said it became clear in the three days of the summit that Africa is “not only the cradle of humanity, but also the future”.

Leonie Beaucamp, head of energy at the environment and development organization Germanwatch, described the African climate summit as a “successful premiere”. The meeting “signals that African states want to take an active role in the climate debate”, not only as victims of global warming, but also as “an actor who wants to exploit the great opportunities of green transition”.

Germanwatch emphasized that African signatory states can agree on the target of increasing their renewable energy capacity to 300 gigawatts by 2030. But Germanwatch energy expert Kerstin Victim warned that “there is still a lot of pressure from countries like Nigeria and Senegal that want to continue to rely on fossil fuels.”

The organization called on EU countries and other major states to “treat African states as equal partners”. They should help ensure that, by debt relief, Africa has more money for climate policy.

A large number of African heads of state and representatives of other countries, as well as representatives of intergovernmental, private sector and non-governmental organizations traveled to the African climate summit. UN Secretary General António Guterres and EU Commission President Ursula von der Leyen also attended the meeting. Germany was represented in Nairobi by Minister of State for Development Bärbel Kofler and Special Representative for International Climate Policy Jennifer Morgan.

Both described the summit as an important step ahead of the world climate conference in Dubai. Morgan said the three-day talks were “one of the most important steps” ahead of COP28. Kofler added that a “new tone” was captured at the summit in order to find solutions for the future. The stated goal of the meeting was to find “African solutions” to be supported jointly by continental countries to deal with the climate crisis. (AFP)

Source :Blick