Nairobi, September 5, 2023 – The Africa Climate Summit, currently underway in Kenya, has already seen significant financial commitments to support climate action on the continent. The United Kingdom (UK) and the United Arab Emirates (UAE) are among the first countries to pledge substantial amounts to help Africa combat the effects of climate change.
The UK has announced a £49 million ($61 million) investment in new projects aimed at assisting Africans in managing the impact of climate change and mobilizing finance for climate action. Andrew Mitchell, the UK’s Development Minister, stated that £34 million of this funding will be allocated to projects across 15 African countries. The focus will be on helping women, at-risk communities, and over 400,000 farmers build resilience against the adverse effects of climate change. The UK Foreign, Commonwealth and Development Office confirmed this commitment on Monday.
The UAE has also stepped forward with a promise to provide Africa with $4.5 billion in clean energy investments. Additionally, investors from the UAE have agreed to purchase $450 million (£359 million) in carbon credits through the Africa Carbon Markets Initiative. This initiative aims to promote sustainable development and reduce greenhouse gas emissions across the continent.
Germany has joined the effort by announcing a debt swap deal with Kenya. Under this agreement, Germany will forgive $65 million of Kenya’s debt in exchange for a commitment from the East African nation to invest the funds in green projects. Furthermore, Germany is expected to pledge an additional $486 million to support Africa’s fight against climate change.
The Africa Climate Summit, which concludes on Wednesday, is anticipated to witness the announcement of further initiatives and funding commitments. The summit aims to bring together leaders, policymakers, and stakeholders to discuss strategies for mitigating climate change and building resilience in Africa.
The financial pledges made by the UK, UAE, and Germany demonstrate a growing recognition of the urgent need to address climate change in Africa. These investments will play a crucial role in supporting African countries as they strive to adapt to the challenges posed by a changing climate and pursue sustainable development.