COP28 President on Africa's progress in energy transition

The annual United Nations Climate Summit, COP28, launched in Dubai with a grand opening as world leaders and stakeholders gathered to address the pressing issue of climate change and sustainability. CNBC Africa's Fifi Peters shared insights on the anticipated discussions and outcomes of the conference. Day one of COP28 marked a remarkable start with a record-breaking attendance of over 100,000 participants, including media representatives, observers, business leaders, and government officials. The event is set to span for 12 days, focusing on targeted actions to combat global climate crises. Noteworthy was the arrival of approximately 120 heads of state, indicating significant global support and engagement on this critical issue. A pivotal highlight from the initial sessions was the agreement on the implementation of the Loss and Damages Fund, which saw pledges surpassing expectations. Initially targeting $200 million as seed capital, the fund received pledges exceeding $400 million, demonstrating a strong commitment from leaders towards climate resilience and support for developing nations. Reflecting on the recent Africa Climate Summit in Nairobi, His Excellency Sultan Ahmed Al-Jaber, the current COP president, emphasized the platform's crucial role in shaping COP28's objectives. The Africa Climate Summit served as a catalyst for refining strategies to meet the continent's needs and advance a more action-oriented agenda, crucial for achieving the 1.5-degree target. President Al-Jaber announced the launch of the Africa Fund, a groundbreaking initiative with an initial investment of $4.5 million. The fund aims to replicate successful renewable energy models across Africa, focusing on regulatory frameworks, risk mitigation, and attracting private capital. With substantial equity and catalytic funding, the fund is projected to reach $25 billion within three years, unlocking vast opportunities for renewable energy and economic development in Africa. The COP28 president applauded President Routo's exemplary leadership in driving climate action, highlighting the unprecedented progress made in advancing sustainability efforts. The commitment to support Africa in its energy transition journey and foster economic growth through innovative financing mechanisms underscores the collective determination to address climate challenges on a global scale. As COP28 unfolds, the world anticipates further collaborations and agreements that will shape the future of climate action and environmental sustainability. With a surge in global participation and ambitious commitments, the momentum generated at this summit sets a promising tone for accelerating the energy transition and combating climate change across continents.