How climate financing can be the silver lining to Africa’s triple planetary crisis

As global leaders and climate change negotiators gather in Nairobi for the Africa Climate Action Summit, the continent is grappling with the severe impacts of climate change. Despite rich countries pledging $100 billion to combat climate change, Africa continues to bear the biggest brunt of this environmental crisis. CNBC Africa had the opportunity to speak with Alvin Tofler Munyasia, a Climate Fellow from the African Group of Negotiators Expert Support, to discuss how Africa can address this pressing issue. The African Climate Summit, under the theme of Driving Green Growth and Climate Finance Solutions for Africa and the World, will be a critical event for the continent. Led by Dr. His Excellency, President William Samoei Ruto, the Chair of the Committee of African Heads of State on Climate Change, the summit aims to amplify Africa's unified voice in the upcoming UNFCCC COP28 process. This collective effort is crucial in highlighting the urgent need to address the climate emergency and safeguard the rights and livelihoods of African citizens. Key Points: 1. Disproportionate Impact: Africa's Vulnerability to Climate Change Africa is disproportionately impacted by climate change, facing challenges such as droughts, floods, cyclones, desertification, food insecurity, displacement, and conflicts. The continent has experienced unprecedented droughts in the last four decades, leading to widespread devastation. The triple nexus of climate change amplifies existing threats, making it imperative for global leaders to take decisive action. 2. Climate Financing: Bridging the Gap in Funding The conversation around climate financing is essential in addressing Africa's climate adaptation and mitigation needs. While African governments have increased investments in renewable energy, securing adequate financing remains a critical challenge. Developed nations, with historical responsibility for greenhouse gas emissions, must honor their pledges and provide financial support for adaptation, loss and damage, and mitigation actions. It is crucial for climate finance to be primarily public-sourced, in the form of grants and non-loan instruments, to ensure equitable support for vulnerable communities. 3. The Nairobi Declaration: Focusing on Adaptation and Mitigation The Nairobi Declaration is expected to emphasize the importance of adaptation and mitigation efforts, highlighting the economic benefits and resilience-building aspects of climate action. By promoting global solidarity and public investments in climate initiatives, the declaration aims to unlock private sector involvement and drive sustainable development across the continent. Key outcomes of the summit should prioritize tangible solutions that address Africa's unique challenges and pave the way for a greener, more sustainable future. In conclusion, the Africa Climate Action Summit serves as a pivotal moment for the continent to advocate for climate justice, mobilize financial support, and accelerate the transition towards a low-carbon, climate-resilient economy. With a united front and a clear vision for a sustainable future, Africa can pave the way for meaningful change and lead the global fight against climate change.