(Nairobi) – The Africa Climate Summit, held in Nairobi, has secured commitments exceeding $26 billion (Sh3.35 trillion) to advance Africa’s climate agenda. The announcement was made by the organizing partners, who confirmed that key global stakeholders have pledged substantial financial support to address climate challenges on the continent.
One of the largest contributions came from the United Arab Emirates, which committed $4.5 billion (Sh580.5 billion) towards Africa’s climate-related projects. This significant funding aims to support initiatives across the continent aimed at mitigating and adapting to the effects of climate change. Additionally, the Green Investment Pledge announced a $23 billion (Sh2.97 trillion) commitment for clean energy projects, a major boost for Africa’s transition to more sustainable energy sources.
Kenya, the host country of the summit, has set an ambitious goal to reduce its greenhouse gas emissions by 32 percent by 2030. However, achieving this target requires an estimated $62 billion (Sh8 trillion). Of this amount, $17.7 billion (Sh2.3 trillion) is allocated for mitigation efforts, while $43.9 billion (Sh5.7 trillion) will go towards adaptation measures to build resilience against the impacts of climate change.
Kenya has committed to financing 13 percent of the required funds, with the remaining 87 percent expected to come from international support in the form of finance, technology transfer, capacity building, and investment.
In a statement during the summit, Sellah Bogonko, CEO and Co-Founder of Jacob’s Ladder Africa, emphasized the significance of the summit’s outcomes. He noted that if successfully implemented, the commitments made during the summit would have a transformative impact on the trajectory of Africa’s climate future. The summit, in partnership with the private sector, civil society, and the Kenyan government, aims to continue monitoring progress towards achieving these goals, including thematic convenings ahead of the 2025 summit.
The summit also provided a platform for the African Carbon Markets Initiative, which announced its target of generating 300 million carbon credits annually by 2030. This initiative is intended to strengthen Africa’s role in the global carbon market, creating more opportunities for the continent to participate in carbon trading schemes.
Germany also made a notable contribution, pledging €450 million (Sh62 billion) to support climate resilience and sustainability projects in Africa. This includes €100 million (Sh13.8 billion) for loss and damage reparations, and another €100 million to enhance the African Development Bank’s Climate Action Window, which supports climate-related projects across the continent. Despite increasing financial support in recent years, Africa continues to receive less than one percent of global climate financing annually.
The summit, which is expected to attract more than 30,000 participants from 130 countries, will be attended by over 20 heads of state and government, along with global leaders, activists, and investors. Together, they aim to push for sustainable climate initiatives that will help address Africa’s climate challenges and contribute to a more resilient future for the continent.
Table: Key Commitments at the Africa Climate Summit
| Contributor | Commitment |
|---|---|
| United Arab Emirates | $4.5 billion (Sh580.5 billion) for climate initiatives |
| Green Investment Pledge | $23 billion (Sh2.97 trillion) for clean energy projects |
| Germany | €450 million (Sh62 billion) for climate resilience, including €100 million for loss and damage |
| African Carbon Markets Initiative | Target of 300 million carbon credits annually by 2 |