Financing climate change in Africa

The recent Africa Climate Summit focused on the theme of Driving Green Growth and Climate Finance Solutions for Africa and the World. The summit highlighted the key priorities of the continent ahead of The Nairobi Declaration and COP28 in Dubai, United Arab Emirates. CNBC Africa's Terryanne Chebet engaged in a conversation with the Assistant SG and Regional Director for Africa at UNDP, Ahunna Eziakonwa, to discuss the standout points from the summit. Eziakonwa emphasized the importance of changing the narrative around Africa's wealth and its significant role in combating climate change. The Assistant SG highlighted Africa's vast potential in renewable energy, with the continent hosting 60% of the world's renewable energy capacity. Additionally, Africa boasts 60% of uncultivated arable land and minerals crucial for the global energy transition. Eziakonwa called for a shift in global investment strategies towards Africa, urging for a partnership that prioritizes climate finance. Climate finance emerged as a key topic at the summit, addressing the challenge of funding initiatives to address climate change while supporting Africa's sustainable development. Renewable energy solutions, such as wind and solar power, were discussed in the context of creating cost-effective alternatives and generating green jobs. Eziakonwa emphasized the critical need for Africa to leverage its renewable energy capacity to address the continent's energy deficit. With six out of ten people in Africa lacking access to electricity, the focus on renewable energy presents an opportunity to not only reduce emissions but also create employment opportunities and drive sustainable development. The conversation shifted towards resilience, food security, and the ambitious goal of achieving net zero emissions by 2050. Eziakonwa stressed the importance of transitioning from fossil fuels to renewable energy to meet this objective. By shifting towards renewable energy sources, countries can reduce their carbon footprint and enhance energy sector independence, ultimately contributing to food security and sustainability. The involvement of young people in climate change conversations was also highlighted, with Eziakonwa underscoring the crucial role of youth in driving meaningful action. The Assistant SG emphasized the need for the international community to prioritize youth engagement, acknowledging their ability to hold stakeholders accountable and push for concrete actions rather than mere commitments. The summit served as a platform for Africa to assert its position as a key player in the global fight against climate change. Eziakonwa's insights shed light on the critical importance of investing in renewable energy, promoting sustainable development, and empowering the continent's youth to contribute meaningfully to climate action.