AFRICAN leaders have convened in Nairobi for the Africa Climate Summit, amidst escalating climate crises that demand immediate attention and action not only for the continent but for the entire world. The ONE Campaign, the global movement campaigning to end extreme poverty and preventable disease by 2030, is calling upon these leaders to seize this crucial moment, uniting around a shared pan-African agenda that promotes justice and prosperity.
The summit, themed Driving Green Growth and Climate Finance Solutions for Africa and the World, offers a platform for African leaders to challenge prevailing narratives that depict the continent as a passive recipient and to showcase its strength and capability in taking a leadership role in the global fight against climate change and nature loss. The urgency of the situation necessitates active engagement from all participants in the quest for sustainable solutions.
African nations are among the most vulnerable to the effects of climate change, possessing significant natural assets that could offer global climate solutions. ‘Paradoxically, Africa receives a disproportionately small share of global climate finance compared to other regions. The estimated annual cost of climate adaptation in Africa by 2050 is projected at $50bn, and the continent boasts the world’s highest potential for renewable energy. Despite this potential, Africa currently receives only $19.5bn annually in total climate finance, with a mere 3% of global investment in clean energy directed toward the continent,’ ONE said in a statement on Friday.
The ONE Campaign is urging all leaders to leverage the Africa Climate Summit as a catalyst for critical policy changes. These changes are aimed at initiating the journey towards building a more equitable trade environment and a resilient African economy. Key policy recommendations include:
- Urging World Bank shareholders and donor governments to commit to tripling grants and loans from the IBRD and IDA, potentially delivering an additional $1.2 trillion in finance by 2030.
- Encouraging donor governments to fulfil their commitment to doubling adaptation finance and adopting a needs-based framework for the Global Goal on Adaptation, inclusive of targets and indicators.
- Removing barriers that impede the recycling of Special Drawing Rights through multilateral development banks, with particular emphasis on the African Development Bank.
Serah Makka, Director for Africa at The ONE Campaign, emphasised the significance of this moment, stating, ‘The key to unlocking the untapped potential of this continent isn’t handouts or second-hand solutions from rich nations. It’s removing the barriers standing in our way. African countries possess the tools, talent, and renewable resources to fuel their own growth and be at the vanguard of efforts to tackle climate change, poverty, and inequality everywhere.’
Makka added, ‘No country must choose between improving the lives of their people and protecting the planet. If the rest of the world truly gets behind Africa, they can help unleash a green economic revolution that will drive growth and prosperity across the continent and help the whole world to rise to the biggest shared challenges we face.’