Africa needs investment and reform to unleash its green potential

At the close of a historic summit on Wednesday, African leaders called on the international community to help them realize the continent's potential in the fight against global warming, through green investment and reform of the international financial system.

Share:

At the close of a historic summit on Wednesday, African leaders called on the international community to help them realize the continent’s potential in the fight against global warming, through green investment and reform of the international financial system.

Africa Aims for a Green Future: Calls for Investment in Renewable Energies

The aim of the first African Climate Summit was to highlight untapped resources for renewable energies, to enable African countries to develop economically while helping to combat global warming, of which they are one of the main victims.

“Africa has both the potential and the ambition to be an essential part of the global solution to climate change”, say the participants in their joint final declaration, dubbed the “Nairobi Declaration”.

But to unleash its potential “on a scale that can make a significant contribution to decarbonizing the global economy” will require a marked increase in financing, they argue. In particular, they are calling for “a new financing architecture adapted to Africa’s needs, including debt restructuring and relief”, the burden of which weighs heavily on their economies.

23 Billion Dollars Pledged for Africa at Climate Summit

A total of $23 billion (21.3 billion euros) in international investment was also pledged during the three-day summit, said William Ruto, including $4.5 billion (4.1 billion euros) from the United Arab Emirates for clean energy in Africa.

– “Common position” – This Nairobi Declaration, “unanimously adopted” according to African Union Commission Chairman Moussa Faki Mahamat, “will serve as the basis for Africa’s common position in the global climate change process up to COP28 and beyond”, say the signatories.

This is “a clear affirmation of Africa’s determination and leadership on climate issues, in line with the ambitions and priorities of the COP28 presidency”, said the president of the UN climate conference (COP28), Sultan Al Jaber, in a statement.

Africa: A Pillar of the Alternative to Fossil Energy in the World

The Nairobi summit opened four months of international meetings on climate issues, continuing this weekend with a G20 summit in India and culminating in COP28 in Dubai at the end of November, which promises to be a heated battle over the end of fossil fuels.

Consensus is no easy task on a continent of 1.4 billion people living in 54 politically and economically diverse countries, with some governments campaigning for a renewable energy future while others depend on their fossil fuel resources.

With its youthful population and vast natural resources, Africa argues that it is essential to building an alternative to polluting fossil fuels.

In addition to its natural potential for directly generating clean energies (solar, wind, geothermal…), the continent is also home to 40% of the world’s cobalt, manganese and platinum reserves, essential for batteries and hydrogen fuel cells.

Call to Polluting Countries: Africa Awaits $100 Billion Promise

In their joint communiqué, the participants affirmed their determination to increase, with the help of the international community, its renewable energy production capacity from 56 gigawatts in 2022 to at least 300 gigawatts by 2030.

– “Level playing field” – The challenges remain immense in a continent where 500 million people have no access to electricity. In particular, African countries are crippled by their growing debt burden.

On Tuesday, several of the continent’s leaders, as well as Antonio Guterres and Emirati President Sultan al Jaber, called for reform of the international financial system – a system that the UN chief described as “outdated, unfair and dysfunctional” – to adapt it to the demands of the fight against global warming.

“We demand a level playing field so that our countries can access the investment needed to unlock their potential and translate it into opportunity,” said William Ruto.

The African leaders also called on wealthy polluting countries to honor their commitment to provide $100 billion a year in climate finance to the poorest countries by 2020.

Why does it matter?

The African Climate Summit underlines the importance of Africa in the fight against climate change. Calls for investment and financial reform aim to unlock the continent’s renewable energy potential and overcome its energy challenges.

This will have an impact on future global climate negotiations and on Africa’s role in the transition to a green economy.

Egypt’s Electricity Minister engages in new talks with Envision Group, Windey, LONGi, China Energy, PowerChina, and ToNGWEI to boost local industry and attract investments in renewable energy.
The potential closure of the Strait of Hormuz places Gulf producers under intense pressure, highlighting their diplomatic and logistical limitations as a blockage threatens 20 million daily barrels of hydrocarbons destined for global markets.
Budapest and Bratislava jointly reject the European Commission's proposal to ban Russian energy supplies, highlighting significant economic risks and a direct threat to their energy security, days ahead of a key meeting.
Libya officially contests Greece's allocation of offshore oil permits, exacerbating regional tensions over disputed maritime areas south of Crete, rich in hydrocarbons and contested by several Mediterranean states.
Hungary, supported by Slovakia, strongly expresses opposition to the European Commission's plan to phase out imports of Russian energy resources, citing major economic and energy impacts for Central Europe.
Israeli military strikes on Iran's Natanz nuclear site destroyed critical electrical infrastructure but did not reach strategic underground facilities, according to the International Atomic Energy Agency (IAEA).
The French president travels to Nuuk on 15 June to support Greenlandic sovereignty, review energy projects and respond to recent US pressure, according to the Élysée.
Kazakhstan has selected Rosatom and China National Nuclear Corporation to build two nuclear power plants totaling 2.4 GW, a decision following a favorable referendum and coinciding with Xi Jinping’s upcoming strategic visit.
Israeli strikes against Iranian nuclear sites disrupt US-Iranian talks on the nuclear deal. Tehran now considers canceling the upcoming negotiation round in Oman, heightening regional economic concerns.
Facing alarming breaches of uranium enrichment thresholds by Iran and explicit existential threats, Israel launches targeted military strikes against Iranian nuclear infrastructure, escalating regional tensions dramatically.
The Kremlin has confirmed that Vladimir Putin aims to help resolve the nuclear dispute between the United States and Iran, leveraging strengthened strategic ties with Tehran.
President Lee Jae-myung adopts an energy diplomacy rooted in national interest, amid a complex international landscape of rivalries that could create challenging situations for the country and its energy businesses.
Paris and Warsaw held a bilateral workshop in Warsaw to strengthen coordination on electricity infrastructure investments and supply security under the Nancy Treaty.
Donald Trump firmly rejects any uranium enrichment by Iran, while Russia affirms Tehran’s right to civil nuclear power, intensifying tensions in negotiations over the Iranian nuclear program.
Syria has signed a $7bn agreement with a consortium of companies from Qatar, Turkey and the United States to rebuild its national power sector.
Friedrich Merz confirmed that Germany would block any attempt to relaunch the Nord Stream 2 pipeline, despite internal calls suggesting a potential reopening of dialogue with Moscow.
A memorandum of understanding formalises energy cooperation between the European Union and the Latin American Energy Organization, including permanent EU participation in the organisation’s governance bodies.
Prime Minister Viktor Orban announced that Hungary would oppose the EU's plan to ban Russian energy deliveries by 2027, both legally and politically.
Michael Kretschmer, Minister-President of Saxony, proposed restarting dialogue with Russia on the Nord Stream 2 pipeline, despite clear opposition from the German government to any reactivation of the project.
Donald Trump is calling on the United Kingdom to abandon wind energy in favor of revitalizing offshore oil extraction, sparking debate over the economic and political implications of such an energy strategy after their recent trade agreement.