Africa attracts $23bn funding for climate action at Kenya summit

At the end of the three-day Africa Climate Summit held in Nairobi, Kenya, the continent attracted the sum of $23 billion as funding for its climate adaptation and resilience efforts.

Making this known at the close of the summit, Kenya President William Ruto said the fund is a collective effort from various stakeholders, including governments, the private sector, multilateral organisations, banks and philanthropists.

He said some of the highlights “include a transformative partnership investing $60 million over two years in expanding grid access in rural Burundi”.

“During this action-focused summit, various stakeholders, including governments, the private sector, multilateral banks and philanthropists have made substantial commitments totalling a remarkable $23 billion for green growth, mitigation and adaptation efforts across Africa,” he said. 

“Notable highlights include: A transformative partnership investing $60 million over two years in expanding grid access in rural Burundi.

“A $4.5 billion commitment from the UAE to boost renewable energy, substantial contributions from the European nations and significant investments from the private sector entities like Masdar, PowerGen, Leapfrog, Cross Boundary and Husk Power, emphasising renewable energy initiatives.”

He added that there has been a noticeable increase in adaptation financing which reflects a commitment to Africa’s sustainable future and energy systems.

He said this aligns with the ambitious Nairobi Declaration.

WE DEMAND A FAIR PLAYING GROUND FOR OUR COUNTRIES 

Ruto also told the international community that Africa is “aware of the unjust configuration of multilateral institutional frameworks that perpetually place African nations on the back-foot,” keeping them indebted and impoverished. 

He called for a change, saying Africa’s position is that the continent will be dealt with fairly going forward in order to reduce inequality, unlock the continent’s potentials and opportunities in decarbonising the global economy. 

“We further demand a just multilateral development finance architecture, to liberate our economies from odious debt and onerous barriers to necessary financial resources,” he said. 

“We are clear in our minds and hearts that the international community must walk with us in this journey into a future of prosperity and security in an ecologically balanced, thriving planet.

“We are therefore determined to have difficult conversations, take hard decisions and make uncomfortable changes, to set international consensus on an Afro-centric, and globally inclusive path into an African future.”