At COP28, African nations are actively participating, focusing on finding efficient solutions to counteract the impacts of climate change and lower carbon emissions.
Despite contributing only 3.5% to global greenhouse gas emissions, Africa is significantly impacted by climate change, necessitating urgent discussions at COP28 on providing financial aid to assist these nations in adapting to climate change effects.
The conference highlights the importance of enhancing policy and regulatory frameworks to attract long-term investments for clean and renewable energy projects in Africa.
Key topics at COP28 include the need to increase adaptation financing and establish funding mechanisms for climate-related losses and damages, particularly for the most vulnerable communities.
Moreover, there’s a push for expanding the role of international financial institutions to ensure balanced funding for mitigation and adaptation efforts in developing countries.
Currently, Africa receives a mere 2% of global renewable energy investments and less than a quarter of its yearly requirement, which is estimated at $60 billion by 2030.
This underscores the continent’s vulnerability to climate change and the necessity of a new financial model tailored to Africa’s unique needs to alleviate the economic strain.
At the first African Climate Summit in Nairobi, Kenya, African leaders called for a global carbon tax system, urging major polluters to allocate more resources to support developing countries.
The summit also set a goal to increase Africa’s renewable energy capacity from 56 gigawatts in 2022 to 300 gigawatts by 2030, to address energy deficits and contribute to the global clean energy supply.
Africa’s rich natural potential positions it as a potential leader in clean energy, focusing on expanding alternative energy sources to combat climate change. Many African countries are developing strategies and making promising investments in environmental projects to enhance their energy transition capabilities.
Reflecting the UAE’s commitment to sustainable growth and environmental protection, especially in African countries, a significant UAE funding initiative of AED16.5 billion ($4.5 billion) was announced at the African Climate Summit.
This initiative is designed to boost clean energy capabilities in Africa and to encourage development banks, governments, and humanitarian institutions to mobilize further private sector investments.
