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BRIDGING THE CLIMATE FINANCE GAP IN THE RACE TOWARDS SUSTAINABILITY Last year’s inaugural Africa Climate Summit (ACS) and the 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC) in Dubai both yielded outcomes that speak to the significant shortfall in climate finance while calling for a potential redefining of the global climate finance architecture to enable all countries to transition towards environmental sustainability. After the ACS held in September 2023 in Nairobi, Kenya, African leaders in attendance including host President and the African Union’s Committee of African Heads of State on Climate Change Chairperson, President Dr. William Ruto, made a call to action for decarbonization of the global economy and urged for increased investments to promote the sustainable use of Africa’s natural assets for the continent’s transition to low carbon development and contribution to a net-zero world. Separately, COP28 negotiations concluded with the “UAE Consensus” that showed great resolve towards climate action including an outcome on transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science. The two meetings demonstrated greater ambition for climate action even though progress towards this cause hasn’t been sufficient to match the targets and timelines of a successful net-zero transition as envisaged by the Paris Agreement temperature goal to to limit temperature increase to 1.5˚C. Delegates at both the ACS and COP28 acknowledged that the financing gaps are a key inhibitor to achieving the transition targets to a decarbonized world economy.

  • johnte ndeto

    11 w

    Financial support is really crucial in pushing for climate agenda

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