Africa Pledges $50 Billion Per Year To Power Climate Solutions - Arabian Post

(MENAFN- The Arabian Post) Greenlogue /AP

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African leaders have set a target of mobilising US$50 billion annually to fund a new continental climate solutions initiative unveiled at the second Africa Climate Summit in Addis Ababa. The initiative, led by Prime Minister Abiy Ahmed of Ethiopia, aims to deliver 1,000 climate innovations by 2030 through mechanisms such as the Africa Climate Innovation Compact and the African Climate Facility.

The funding goal forms part of a broader declaration emerging from the summit, which also saw a push for green investment and adaptation financing. Delegates emphasised the need to shift from traditional“climate aid” toward climate investment, enhancing Africa's role as a partner and innovator rather than merely a victim of environmental change.

Africa faces an estimated financing gap estimated at more than US$3 trillion by 2030 to meet its full range of climate commitments. To date, however, it has obtained only a fraction of what has been pledged, such as the approximately US$30 billion raised during 2021–2022.

At the summit, African development banks and commercial lenders committed US$100 billion towards green power generation projects. Ethiopia showcased its own efforts: a large-scale tree-planting campaign started in 2019, and the launch of a mega hydroelectric dam were presented as examples of climate-sensitive economic development.

Civil society groups and climate justice advocates attending the summit argued for taxing polluters and the wealthy to help close the adaptation finance gap, calling for grant-based support rather than debt facilities which many nations find burdensome.

Some analysts voiced concern over details still being vague. Questions remain about how much of past pledges were actually disbursed, how the new mechanisms will be governed, and how funding will be mobilised across public, private, and multilateral actors.

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The summit also emphasised adaptation as a central pillar of Africa's climate strategy, particularly with respect to vulnerabilities from floods, droughts, landslides and other climate-linked disasters. While Africa contributes a small fraction of global emissions, leaders stated that the continent has“structural inequalities” that make it disproportionately susceptible to climate impacts and that fairness in climate finance must be upheld.

via Greenlogue

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