Innovative approaches needed to bridge climate financing gap

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Last year's inaugural Africa Climate Summit (ACS) and the 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC) in Dubai yielded outcomes that speak to the significant shortfall in climate finance while calling for a potential redefining of the global climate finance architecture to enable all countries to transition towards environmental sustainability.

After the ACS held in September 2023 in Nairobi, Kenya, African leaders in attendance including host President and the African Union's Committee of African Heads of State on Climate Change Chairperson, President William Ruto, made a call to action for decarbonisation of the global economy and urged for increased investments to promote the sustainable use of Africa's natural assets for the continent's transition to low carbon development and contribution to a net-zero world.