Kenya breaks record after mobilizing Ksh3.36 trillion (23 billion dollars) of climate financing deals
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Africa leaders announce Ksh.3.3 trillion financial commitment at conclusion of Africa Climate Summit in Kenya
Africa leaders announce Ksh.3.3 trillion financial commitment at conclusion of Africa Climate Summit in Kenya.
Africa has secured financial commitments to the tune of 23 billion dollars (Ksh.3.36 trillion) at the African Climate Summit that closed in Nairobi.
For the last three days, Kenya played host to the Africa Climate Summit that through different sessions and seatings sought to shine a light on the continent’s efforts to combat and prepare for the effects of climate change as well as forge the path towards delivering climate-positive growth and finance solutions for Africa and the world.
The summit, which attracted over 15 heads of state and State officials, saw developed nations pledge billions to boost resilience and come up with climate financing solutions for Africa and the rest of the world.
Leading the donations is the United Arab Emirates (UAE) which pledged Ksh657 billion to advance towards clean energy projects in Africa.
Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology, said during the announcement that the effort will be crucial in fostering sustainable growth and stimulating innovation to lessen the negative consequences.
John Kerry, the Special Presidential Envoy for Climate, promised Ksh452 billion on behalf of the United States to address the impacts of climate change on African countries.
Kerry disclosed that US President Joe Biden is committed to helping developing countries that have been impacted by climate change brought on by first-world nations.
He said that the US government would avail Ksh437 billion annually as part of the President Emergency Programme for Adaptation.
“The President has now launched the President Emergency Programme for Adaptation, and we are prepared to help at least 500 million people in developing countries, especially in Africa, to be able to adapt to the worst impacts of these countries,” he said.
Additionally, he pledged Ksh4.3 billion to aid in food security programmes as well as Ksh5.1 billion from the United States Agency for International Development (USAID).
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The Bezos Earth Fund foundation of American tycoon Jeff Bezos has announced Ksh3.3 billion in funding for the restoration of two African landscapes: the Great Rift Valley in Kenya and the Rusizi River Basin in the Democratic Republic of Congo and Rwanda.
Burundi also received a boost as Ksh8.7 billion was pledged towards rural investments in the country.
The Bezos Fund says the purpose of the action is to provide the continent’s most vulnerable people more influence.
The United Kingdom also contributed Ksh13 billion which will be channeled to 15 African countries.
Andrew Mitchell, UK Minister of State in the Foreign, Commonwealth, and Development Office (FCDO), made the announcement during the Summit and revealed that Ksh6.26 billion would be channeled to 15 African countries.
According to Mitchell, the amount would assist women, marginalized communities, and over 400,000 farmers in mitigating the measures.
The African Development Bank (AfDB) and Global Center on Adaptation pledged Ksh146 billion to boost youth-led startups in Africa.
In addition, AfDB committed to contribute Ksh3.65 billion by 2025 to mitigate climate effects.
The culmination of the Climate Summit saw the adoption of the Nairobi declaration which calls for a financial framework that is responsive to Africa’s needs including debt restructuring and relief.
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