Climate action is a major challenge for Africa, which is particularly vulnerable to the effects of climate change. This is why the “Nairobi Declaration”, adopted at the first African climate summit, the Africa Climate Summit 2023, proposes ambitious measures to support climate action on the continent.
At the heart of this statement is the call for a global carbon tax. This measure aims to encourage countries around the world to reduce their greenhouse gas emissions by taxing them according to their carbon intensity. The revenue generated by this tax would then be used to finance climate action in Africa. This proposal is particularly important as it would mobilize considerable financial resources to support the transition to more sustainable and resilient economies in Africa.
In parallel, the declaration also calls for a reform of international financial institutions. The aim is to ensure that these institutions pay particular attention to the needs of African countries in financing climate action. For example, the creation of new IMF special drawing rights for “climate” would allow additional resources to be allocated to African countries to help them face the challenges of climate change. More generally, the declaration highlights the importance of providing affordable finance to support the energy transition and adaptation to climate change in Africa.
Crucially, Africa faces significant challenges in financing climate action. Investment in the energy sector on the continent is still largely insufficient, limiting access to electricity for millions of people. In addition, financing projects in Africa is often considered too risky by many investors, making it difficult to mobilize the necessary financial resources.
The African Development Bank is playing a key role in seeking to allay these concerns and boost investment in Africa’s energy sector. It proposes in particular to reduce the high borrowing rates in Africa and to promote affordable and profitable renewable energies. Solar projects in the Sahel and wind farms, such as that of Lake Turkana in Kenya, are highlighted to demonstrate the continent’s potential for clean and sustainable energy.
The declaration also recognizes the importance of the Congo Basin forests as reserves of carbon sinks and biodiversity. Likewise, it underlines the role of the oceans for African countries, which wish to benefit equitably from the resources, including minerals, of the seabed..
In conclusion, the “Nairobi Declaration” represents a major step forward in mobilizing financial resources to support climate action in Africa. The proposal for a global carbon tax and reform of international financial institutions demonstrates the determination of African countries to fight climate change and build a sustainable future for the continent. However, much remains to be done to materialize these proposals and ensure that the necessary funding is effectively mobilized.