Global climate financial architecture requires a re-think

African countries are optimistic about achieving their climate action goals after a groundbreaking commitment of three trillion dollars was pledged towards climate adaptation and mitigation at the recently concluded Africa Climate Summit in Nairobi, Kenya. This historic event marked the first Africa Climate Summit held in Nairobi under the leadership of the African Union and the government of Kenya, showcasing a significant step towards addressing the pressing issue of climate change in the region. In an exclusive interview with CNBC Africa, Ibrahima Chiekh Diong, Assistant Secretary General & DG of the African Risk Capacity Group, shared insights on the impact of this commitment and the critical need for a collective approach moving forward. The summit culminated in the drafting of the Nairobi Declaration, a collective stance representing Africa's concerns as the region prepares to participate in COP28. The importance of unity and coordination among African nations in conveying these priorities to the global community was underscored for effective implementation. Discussions at the summit highlighted the emphasis on scaling up adaptation efforts, with key stakeholders acknowledging the significance of addressing climate change impacts on the continent. However, the crucial question remains the translation of financial commitments into tangible results on the ground. Diong emphasized the necessity of ensuring accountability among parties making promises and the readiness of African countries to develop bankable projects that attract climate financing. This involves fostering capacity building, technical assistance, and enhancing collaboration between the public and private sectors to bridge funding gaps and promote sustainable green initiatives. As the continent seeks to accelerate its climate action agenda, the allocation and utilization of resources from the commitments made during the summit will play a pivotal role in driving impactful change across Africa. Looking ahead to COP28, the focus shifts to the effective mobilization and utilization of financial resources to address pressing climate challenges. The commitment of $2.5 billion by the EU towards COP28 signifies a significant step in the right direction, albeit further contributions and partnerships are essential for long-term sustainability. Diong stressed the importance of empowering African institutions, aligning with regional priorities, and ensuring efficient resource distribution to maximize the benefits of climate financing. Amid discussions on revamping the global financial architecture to better support African nations, Diong acknowledged the efforts of existing African financial institutions in spearheading climate finance initiatives. He emphasized the need for resource availability, accessibility, and affordability to streamline funding processes and expedite project implementation. The human impact of climate change on vulnerable communities in Africa was emphasized as a driving force behind the urgent need for impactful measures and interventions. As Africa continues its journey towards climate resilience and sustainability, inclusive strategies, and collaborative partnerships remain instrumental in realizing collective climate action goals effectively.