African leaders unite to fund $50bn yearly climate initiative despite global setbacks

Image credit: Reuters

Leaders of the 54-nation continent, which has been pounded by landslides, floods and droughts this year, want to press on with their climate commitments in spite of the United States' withdrawal from the Paris climate agreement.

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The push involves the establishment of the Africa Climate Innovation Compact and the African Climate Facility, the draft declaration showed, "to mobilise $50bn annually in catalytic finance to champion climate solutions."

Ethiopian officials did not respond immediately when Reuters sought more information, but Abiy told the opening ceremony of the summit that the initiative should aim to deliver 1,000 solutions to tackle climate challenges by 2030.

The Horn-of-Africa nation has been showcasing its tree-planting drive that was started in 2019, and a mega hydroelectric dam was launched, as evidence of Africa's capacity to set the pace in fostering economic development while protecting its ecosystems.

During the opening of the summit, African leaders presided over a deal between African development financiers and their commercial banks to mobilise $100bn for investments in green power generation.

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Africa needs over $3trn to meet its climate goals by 2030, but it has received only $30bn between 2021 and 2022, the draft declaration from the summit said.

It called for stronger international commitments and partnerships to close the financing gap, with a focus on enabling adaptation to climate change through grants.