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At the start of the first African Climate Summit, Kenyan President William Ruto described the continent as “key to accelerating the decarbonisation of the global economy”.

The energy transition is not only necessary for climate protection, but also an opportunity to create “economic opportunities worth billions,” Ruto said at the start of the three-day summit in the Kenyan capital Nairobi.

“Investors around the world are looking for trillions of dollars in green investment opportunities,” said Ruto. Africa has the potential in terms of renewable energy and natural resources to attract that money. The aim is to develop the continent into a globally relevant ‘green industrial location’ that will enable African countries to ‘compete fairly’ in global markets.

The summit, organized by Ruto and the African Union, will be attended until Wednesday by African heads of state and representatives from the United Nations, governments from other parts of the world, non-governmental organizations and the private sector.

Africa’s wealth of mineral resources such as copper and lithium, which are needed for the energy transition, make the continent “an attractive candidate for developing a global center for an environmentally friendly industrial supply chain,” said Ruto. It is important that African countries not only export their raw materials, but also develop local value chains to maximize profits.

The biggest challenge, however, is the existing investment gap in the field of climate protection, according to Ruto. Since 2020, industrialized countries have committed to raising $100 billion annually to fund climate projects in the Global South. However, this goal has not been achieved so far. Africa can no longer wait for the promised financing, but must create incentives for private investors, says Ruto. (sda/dpa)