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PREVIEW
Just 15 out of 54 African leaders are due to attend the critical climate summit in Nairobi on 4-8 September
The UN and the Kenya government have promised that a string of multi-million-dollar green investment deals will be signed at the Africa Climate Summit in Nairobi which starts on 4 September, a gathering where African leaders are to set their stall ahead of the COP28 climate summit in the United Arab Emirates.
Lobbyists and experts have called on the summit to prioritise the green energy transition. At least 15 African presidents are expected at the summit themed, 'Driving green growth and climate finance solutions for Africa and the world.'
Those are likely to be dominated by carbon trading – nature-based investments, where countries agree bilateral deals with donors to write off debt in exchange for green investment of an equivalent sum.
Leaders are expected to sign a 'Nairobi Declaration on Green Growth and Climate Finance' which is likely to be at the heart of their push for financing commitments by wealthier countries to be respected at COP28 (AC Vol 63 No 23, Delegates haggle in Egypt as the planet burns).
It is also likely to signal which African states are next in line to follow South Africa and Senegal in agreeing Just Energy Transition Partnerships to phase out fossil fuels. A 'Pledging and Commitment Framework' will be used to encourage leaders to pledge their own national carbon reduction and green energy commitments.
Akinwumi Adesina, President of the African Development Bank, has said that Africa will need $2.7 trillion by 2030 to address climate issues.
However, little detail has emerged on what the 'loss and damage' fund, to compensate countries hardest hit by climate change – the agreement of which was the main breakthrough at last year's COP summit - will look like despite delegates giving a November deadline for working out the size and sources of the fund (AC Vol 64 No 3, Finance and energy access come first).
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