By Treezer Michelle Atieno
A call for urgent action reverberated from the heart of Nairobi, Kenya, as African leaders gathered for the inaugural Africa Climate Summit. Their rallying cry extended beyond climate concerns, encompassing a novel financing approach to tackle Africa’s crippling debt while unlocking resources for climate initiatives.
In unison, these leaders stressed the pressing need to decarbonize the global economy, emphasizing its critical role in achieving equality and shared prosperity. Central to their vision was the sustainable utilization of Africa’s natural resources, facilitating a transition toward low-carbon development and contributing to global decarbonization efforts.
The “Nairobi Declaration on Climate Change and Call to Action” emerged as the summit’s pinnacle moment. African leaders advocated for a comprehensive and systemic response to address the looming debt crisis. This response, they argued, must transcend conventional default mechanisms, creating fiscal space for developing nations to finance both development and climate action.
The Africa Climate Summit served as a melting pot for global leaders, intergovernmental organizations, Regional Economic Communities, United Nations agencies, and a spectrum of stakeholders. In this collaborative environment, they tackled Africa’s climate challenges, forging sustainable solutions.
Concerns deepened as discussions unfolded around the disproportionate burdens and risks faced by many African nations due to climate change-related catastrophes. From prolonged droughts to devastating floods and rampant forest fires, these crises left an indelible mark on economies, health, education, peace, and security. It was acknowledged that climate change represents humanity’s most formidable challenge and a grave threat to life on Earth.
A pivotal message echoed through the summit. Africa, though historically innocent of global warming, bears the brunt of its consequences. However, Africa also harbors immense potential and ambition to be a pivotal global player in combating climate change.
Recognizing the limitations of multilateral finance reform, the leaders emphasized the need for a broader approach. While reform is essential, it cannot single-handedly provide the necessary funding to achieve the ambitious 45% emission reduction outlined in the Paris 2030 agreements. The scale of financing required to unlock Africa’s climate-positive growth surpasses the capacity of national balance sheets.
African leaders called upon the global community to rally behind a proposal for a comprehensive carbon taxation regime. This regime, inclusive of carbon taxes on fossil fuel trade, maritime transport, and aviation, could be fortified by a global financial transaction tax (FTT). Such measures would ensure dedicated, accessible finance for large-scale climate-positive investments, free from geopolitical and national interests.
The summit laid the foundation for a new financing framework tailored to Africa’s unique needs. This encompasses debt restructuring, relief initiatives, and the development of a Global Climate Finance Charter through the United Nations General Assembly and COP processes by 2025.
A resounding call for collective global action resonated throughout the summit. Leaders stressed the urgency of mobilizing capital for both development and climate action, reiterating that nations should never be forced to choose between these vital goals.
With a focus on concrete action, the leaders emphasized the need to expedite proposals for reforming the multilateral financial system. This reform should bolster resilience against climate shocks and optimize the deployment of the Special Drawing Rights liquidity mechanism.
The Nairobi Declaration has been embraced as the cornerstone of Africa’s unified stance in global climate negotiations, setting the stage for COP 28 and beyond. Additionally, the summit proposed the establishment of the Africa Climate Summit as a biennial event, hosted by African Union Member States. This event aims to shape the continent’s evolving vision, addressing emerging global climate and development challenges.