African leaders from across the continent have unanimously adopted the “Nairobi Declaration”, which will now provide the basis of Africa’s negotiating position at November’s Cop28 climate summit.
The programme is aligned with several goals of the Cop28 presidency’s “4-Point Plan of Action”, including a call to boost efforts to reduce emissions in line with Paris Agreement goals and honouring the commitment to deliver $100 billion in annual climate finance, the Cop28 presidency said on Friday.
It also commits African leaders to put policies, regulations and incentives in place to attract investment in green growth and an inclusive economy.
“Africa is taking the lead in building a climate-resilient, sustainable future, but to unlock the continent’s full potential, available, accessible and affordable finance is essential,” said Dr Sultan Al Jaber, Cop28 President-designate, and UAE Minister of Industry and Advanced Technology.
At the Africa Climate Summit this week, the UAE pledged $4.5 billion to speed up the development of clean energy projects in Africa.
Masdar has pledged $2 billion of equity and will mobilize an additional $8 billion in project finance to deliver 10 gigawatts of clean energy capacity through its Infinity Power platform in the continent by 2030.
Amea Power will help fund five gigawatts of renewable energy capacity in Africa by the end of the decade, mobilizing $5 billion, with $1 billion in equity investments, and $4 billion from project finance.
The Abu Dhabi Fund for Development will provide $1 billion in assistance to address basic infrastructure needs while the Etihad Credit Insurance will provide $500 million in credit insurance to lower risk and unlock private capital.
“At the heart of Cop28’s mission is the vital task of integrating food systems into our climate policy framework and encouraging nations and non-state actors to pledge commitments to drive systemic transformation,” said Mariam AlMheiri, Minister of Climate Change and the Environment.
“We urge countries to commit to incorporating food systems into their revised nationally determined contributions by 2025, placing food systems at the forefront of their climate policies.”