The Africa Climate Summit, in which Rwanda will participate, will take place from September 4 to 6 in Kenya next week. The summit, co-hosted by the African Union, will provide an opportunity for African leaders to support, and implement, ideas that drive climate resilience, adaptation, and mitigation efforts. Many stakeholders are keen to see solutions and action-oriented goals laid out in the Nairobi declaration which is scheduled to be adopted on the final day of the summit, according to the organisers’ statement. Below are seven things to expect from the summit. 1. Adaptation finance Africa Development Bank (AfDB) estimates that the increasingly frequent climate-related disasters are costing countries between $7 billion to $15 billion a year, with an estimated projection of these losses rising to $50 billion annually by 2030. To adapt, African countries need to raise $124 billion annually by 2030, but the current situation is that the continent only receives $28 billion a year. ALSO READ: Rwanda awaits solid commitments on emission cuts at Climate Summit The summit is a key opportunity to highlight the need to prioritise adaptation investment as a development imperative not only for Africa but the world. With the summit being a critical moment that will lay the ground for COP28, there is anticipation that the continent must see more commitments towards the delivery of the $100bn funding target and more support from multilateral development banks for climate adaptation. For example, an estimated $630 billion of private capital per year is available for investment in food systems. Building on the Paris Summit, Africa needs a commitment from governments and the public sector to mobilise funds for the massive shortfall in climate finance required for agriculture. 2. Scaling up renewable energy In 2022, the continent only received a paltry 0.8 per cent of the $495 billion invested in renewables globally. The Africa Climate Summit is calling for ambitious investments in renewable energy. Currently, Africa needs $133 billion every year in clean energy investment to meet its energy and climate goals between 2026 and 2030. ALSO READ: Plan to mobilise €300m for Rwanda’s climate resilience unveiled at Paris summit As it is, the renewable energy investment on the continent is a drop in the ocean, at only $9.4 billion per year. According to the International Renewable Energy Agency (IRENA), only two per cent of global investments in renewable energy in the last two decades were made in Africa. 5. Green minerals for just transition The world is pursuing zero emission goals and this has created demand for critical minerals such as copper, lithium, and cobalt which are essential in producing renewable and low-carbon technologies including solar, electric vehicles, battery storage, green hydrogen, and geothermal. Africa holds 30% of the world’s mineral reserves. This presents several African countries with the opportunity to become major players in the global critical mineral value chain. Enhanced economic integration through the African Continental Free Trade Area (AfCFTA), regional economic blocs, and between countries is viewed as a catalyst for adding value to these minerals on the continent. This will stimulate green growth development and make a contribution towards powering the global energy transition. 6. Restructuring climate finance Estimates indicate a significant shortfall of climate financing that flows into Africa as compared to the financing needs of the continent to achieve its nationally determined contributions (NDCs). According to AfDB, Africa needs $ 1.6 trillion between 2022 and 2030 to achieve its nationally determined contributions, however, the total financing flows in 2020 for Africa amounted to only $30 billion. It has been estimated that the African continent loses up to 15 per cent of its GDP per capita annually due to the impacts of climate change. 7. Carbon markets Will carbon markets continue to dominate the conversation on financing solutions? President Ruto has faced pressure in recent weeks from African civil society organisations. These organisations have criticised the involvement of McKinsey in prioritising carbon markets initiatives at the summit. This focus has overshadowed discussions on alternative approaches to nature protection and climate solutions that would offer sufficient financial support and carry more credibility. This year, billions of dollars were lost as the value of offset credits decreased. This was due to the discovery that many of these credits, which were traded on voluntary carbon markets, did not actually contribute to reducing greenhouse gas emissions. ALSO READ: AIMS on why Africa must unlock climate research To date, carbon market mechanisms like the UN-backed forest credits REDD+ (reducing emissions from deforestation and forest degradation) have been one of the main promised methods for forest nations such as Gabon to generate finance for preserving forests. However, more recently, voluntary carbon markets have come under fire globally for the quality of the credits, and the claims being made by the purchasers. Critics have suggested the markets create a way out for big polluters looking to avoid reducing their emissions in real-time. Many carbon credit project developers have come under fire for overpromising the carbon removal or reduction potential of the credits they are selling, taking the majority of the profits rather than sharing them with communities on the ground, and creating reputational risk for the companies purchasing them as part of their net zero or carbon neutrality plans. Experts' calls Mohamed Adow, Director of energy and climate think-tank, Power Shift Africa, stated: “Africa cannot afford to further delay the vital conversation about adaptation when our communities are already suffering the ravages of a climate crisis we did not cause. The Africa Climate Summit offers the best opportunity to discuss ways to boost investments that will help communities on the climate frontline to adjust effectively.” Grace Ineza Umuhoza, CEO of The Green Protector, Global Coordinator of the Loss and Damage Youth Coalition, and winner of the 2023 Global Citizen Prize, said the Africa Climate Summit is an opportunity for Africa to demonstrate an inclusive and effective approach to climate policy that centres the voices of young people and local communities. “Crucially, it must also lay the groundwork for operationalising a new, standalone Loss and Damage Fund at COP28, backed by new, additional, and accessible finance that doesn't increase debt for African countries. Despite facing significant climate challenges, when united, African countries can transform these obstacles into opportunities for real change,” she said. Rwanda’s Minister for Environment, Jeanne d’Arc Mujawamariya, said the country expects tangible commitments and pledges to increase access to reliable low-carbon energy during the Africa Climate Summit. Professor Patrick Verkooijen, CEO of the Global Centre on Adaptation said, “The Africa Climate Summit needs to lay the groundwork for more financial resources to transform climate adaptation and the Sustainable Development Goals into a new growth agenda for the continent.” Charity Migwi, Regional Campaigner at 350Africa.org added: “At the Africa Climate Summit, we call upon African leaders to prioritise green energy over fossil fuels, and reiterate the need to scale up global investments in renewable energy to support the just energy transition in Africa.”
