The inaugural African climate summit kicked off in Nairobi, Kenya on Monday. The goal is to unify the continent’s stance before upcoming global conferences and discuss funding for Africa’s environmental needs.
Organizers are optimistic, predicting hundreds of millions of dollars in agreements over the three-day summit. They aim to present Africa as a climate investment hub, rather than just focusing on its vulnerability to environmental disasters.
Over 20 top-level government leaders will join the summit starting Tuesday.
They intend to draft a declaration that will convey Africa’s stance in advance of the U.N. climate conference in New York this September and the COP28 U.N. summit in the UAE in late November.
Kenyan Environment Minister, Soipan Tuya, emphasized: “The climate change debate has entered a new era.”
“It is no longer just about tackling an environmental or development problem, but about addressing climate change in the context of justice.”
She added, “If we do not develop adequate response measures to deal with the climate change crisis, it will destroy us.”
A significant topic of conversation is the promotion of market-based financial tools like carbon credits by African leaders to encourage funding.
They argue that the expected funding from developed nations has been lagging. Carbon credits are mechanisms allowing companies to compensate for their emissions by financing eco-friendly projects.
Congo-based lender Rawbank partnered with global energy trader Vitol for a $20 million venture focused on renewable energy.
However, this summit has faced criticism from several African activists. They argue that the event’s climate finance methodology promotes Western interests over Africa’s.
Critics believe carbon credits are merely excuses for affluent nations. The African nations should urge richer countries to honor prior financial promises.
Mohamed Adow, the director of energy at Power Shift Africa, stated: “Africa needs funding from countries that have got rich off our suffering. They owe a climate debt.”
