Africa-Press – Eritrea. <\/strong><\/span>The historic gathering on Climate Change inside Africa, clearly portrays efforts at spearheading towards finding sustainable solutions to existing challenges.<\/p>\nBut African leaders are still standing at a crossroads as they try hard to balance their geopolitical positions, this time with raising the needed funds for controlling the effects of climate change in Africa.<\/p>\n
Majority of these African leaders consistently barked at Western and Europeans for the their excessive control, frequent interference in their internal affairs and shout over aspects of democracy, human rights and hegemony, and yet look forward for their invaluable investment in the economy.<\/p>\n
This summit held under the theme, \u201cAfrica Climate Summit 2023: Driving Green Growth & Climate Finance Solutions for Africa and the World\u201d attracted a host of African and external guests, and including representatives of civil society and non-state organizations.<\/p>\n
The governmental leaders met for three days while the entire week was dedicated to the current situation and potential solutions. With high optimism, the first summit held in Nairobi, Kenya, early September was primarily to review and systematize possible options African nations have to finance climate change, and on the other way, nature and its inherent resources in the continent.<\/p>\n
Kenyan President William Ruto made the summit\u2019s aim very clear his speech \u2013 to discuss how to fund the challenges posed by climate change. Ruto further envisioned a \u201cfuture where Africa finally steps into the stage as an economic and industrial power, an effective and positive actor on a global arena\u201d and unreservedly boasted the availability of the young population, to take advantage of the vast renewable potential and natural resources.<\/p>\n
Ruto\u2019s narratives at the conference dealt with the fact that Africa is acutely vulnerable to the growing impacts of climate change, and consequently made a strategic call for accelerating funding in Africa.<\/p>\n
At the end of the summit, the narratives appealing to the international community to help achieve that goal by easing the continent\u2019s crushing debt burden and reforming the global financial system to unblock investment was finally incorporated into the final declaration.<\/p>\n
Prior to the declaration, it was broadly noted that Africa has an \u201cunparalleled opportunity\u201d to benefit from the fight against global warming but needed massive investment to unlock its potential as Nairobi hosts a landmark climate summit focusing on the continent.<\/p>\n
\u201cThe overarching theme… is the unparalleled opportunity that climate action represents for Africa,\u201d Ruto said in his opening address, while further stressing for trillions of dollars from the international community to unblock financing for Africa.<\/p>\n
It is always puzzling, Africa has all the resources. Africa needs external funds. African leaders have savings in foreign banks. Yet, Africa is poor to the bone-marrow, complaints of dearth of finance, and despite the abundance of natural resources in the continent.<\/p>\n
In order to rebuild confidence, African Union Commission head, Moussa Faki Mahamat, was straight to the point in his demand \u2013 wielding his French tongue and some tiredness or frustration \u2013 on behalf of the 54-member states, that the international investment must be \u201cmassively scaled up to enable commitments to be turned into actions across the continent of Africa.<\/p>\n
\u201d<\/p>\n
While demanding sweeping changes to the global financial system, Moussa Mahamat also announced that the summit would become a regular event and be held every two years.<\/p>\n
Among most of the speakers, Eritrean President Isaias Afwerki\u2019s remarks seemingly carried different weighty significance. \u201cClimate change poses, by all accounts, one of the most pressing challenges of our times. Its impact in Africa will be immensely aggravated; compounded as it is by a host of other major hurdles,\u201d he said.<\/p>\n
\u201cThe policies we articulate, and implementation mechanisms we map out, at the individual national level will not provide the primary panacea to this global challenge,\u201d noted Afwerki, but added that, in this context, Africa can tap and incorporate the numerous scientific measures undertaken by global players in the field to bolster its purposeful mitigation measures.<\/p>\n
While concluding his talk at the gathering, he reminded the necessity for Africa to mobilize its own resources rather than extend hands for handouts that may aggravate the existing situation by inviting interference and corrupt practices, mobilizing inside resources will be enabling and motivating creativity at the level of the continent.<\/p>\n
Isaias Afwerki urged everyone to not be attracted by the billions that are being promised by so called donors. Rather, better to mobilize resources and get away from this dependency that will definitely compromise everything at the level of the continent.<\/p>\n
Despite potential internal and external hurdles to scaling up funds, one report co-authored by Executive Secretary at the UN Economic Commission for Africa, Vera Songwe, concluded that multilateral development banks\u2019 climate finance must triple within five years, from US$60 bln to US$180 bln, to help developing economies globally cope with global warming. Annual climate finance flows in Africa stand at only US$30 billion at the moment, however.<\/p>\n
In another report released by Oxfam, for instance, said the devastating drought has gripped Ethiopia, Kenya and Somalia \u2014 which scientists say has been made more severe by climate change \u2014 as well as floods in South Sudan, have caused losses of between US$15 billion and US$30 billion in the two years to 2022, or around two to four percent of the region\u2019s GDP.<\/p>\n
It estimated that between 2021 and 2023, the four countries lost about US$7.4 billion in livestock alone. \u201cMillions of already struggling people saw their animals die and lost their ability to grow, sell or eat nutritious food, plunging them into even greater poverty and hunger,\u201d the report said.<\/p>\n
There so many reports detailing various aspects of the climate change, specifically with regards to Africa. The International Monetary Fund (IMF) also estimates that 34 of 59 developing economies most vulnerable to climate change, many or which are in Africa, are also at a high risk of fiscal crises.<\/p>\n
The summit has raised approximately US$23 billion in funding pledges. There are daunting challenges for the continent where hundreds of millions lack access to electricity.<\/p>\n
The oil-rich United Arab Emirates (UAE), in complete recognition of the Africa\u2019s potential offered the financial pledge of US$4.5 billion as it competes to get hold of Africa.<\/p>\n
United States\u2019 climate envoy John Kerry also announced US$30 million in new funding to accelerate climate-resilient food security across the continent.<\/p>\n
United Nations Secretary-General, Antonio Guterres, at African Climate Summit, pointed to an injustice burns at the heart of the climate crisis. And its flame is scorching hopes and possibilities in Africa.<\/p>\n
This continent accounts for less than four per cent of global emissions. Yet it suffers some of the worst effects of rising global temperatures: Extreme heat, ferocious floods, and tens of thousands dead from devastating droughts.<\/p>\n
The blow inflicted on development is all around with growing hunger and displacement. Shattered infrastructure. Systems stretched to the limit. All these above aggravated by climate chaos not of Africans\u2019 making.<\/p>\n
It is still possible to avoid the worst effects of climate change. But only with a quantum leap in climate action. The people of Africa \u2013 and people everywhere \u2013 need action to respond to deadly climate extremes.<\/p>\n
Notwithstanding all that he mentioned above, Antonio Guterres explained that reaching these targets requires climate justice. Developed countries must present a clear and credible roadmap to double adaptation finance by 2025 as a first step towards devoting, at least, half of all climate finance to adaptation.<\/p>\n
Referring to multinational development banks and othe foreign financiers, Antonio Guterres added in his speech: \u201cThey must keep their promise to provide $100 billion a year to developing countries for climate support.<\/p>\n
Every person on earth must be covered by an early warning system by 2027 \u2013 by implementing the Action Plan we launched last year. \u201d
\n\u201cSix out of every 10 Africans currently lack access to these systems.<\/p>\n
The Early Warning for All Africa Action Plan launched yesterday under the leadership of the African Union will be critical to addressing this need. More broadly, we need a course correction in the global financial system so that it supports accelerated climate action in the context of sustainable development.<\/p>\n
We can\u2019t achieve one without the other,\u201d accroding to the Secretary General of the United Nations. It, therefore, means re-capitalizing and changing the business model of Multilateral Development Banks.<\/p>\n
This could make it possible to leverage private finance at affordable rates to support developing nations to build sustainable economies. The global financial system must be reformed to be an ally of developing nations as they turbocharge a just and equitable green transition that leaves no one behind, especially those in Africa.<\/p>\n
But then, and but the point here is that African leaders must get down to their tasks. Interestingly, Africa produces and trades in critical minerals.<\/p>\n
Africa must be sustainable, transparent and just across every link of the supply chain, with maximum added value produced across Africa. So we are saying is that African leadership must strive to generate innovative green economies anchored in renewable power.<\/p>\n
Without hyperbolic geopolitical slogans, now is the time to bring together African states with developed world, financial institutions and technology companies to create a true African Renewable Energy Alliance.<\/p>\n
With adequate access to financial resources at a reasonable cost and technological support, renewables could dramatically boost economies, grow new industries, create jobs and drive development \u2013 including by reaching the over 600 million Africans living without access to power.<\/p>\n
Nevertheless, African leaders and the attendees, demand from external nations to honour long-standing climate pledges for poorer nations. Analysts in their several news reports also acknowledged that the summit unity generated momentum for making this demand.<\/p>\n
But consensus is still challenging across the diverse continent of 1.4 billion people, the 54 African leaders and the African Union and within the context of geopolitical situation around the world.<\/p>\n
For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Kester Kenn Klomegah Africa-Press – Eritrea. The historic gathering on Climate Change inside Africa, clearly portrays efforts at spearheading towards finding sustainable solutions to existing challenges. But African leaders are still standing at a crossroads as they try hard to balance their geopolitical positions, this time with raising the needed funds for controlling the effects […]<\/p>\n","protected":false},"author":84,"featured_media":21317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[242,243,233],"class_list":["post-21318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\n
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