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NAIROBI: African leaders have arrived at the inaugural Africa Climate Summit being held in Nairobi, whose focus is on mobilising financing for the continent’s response to climate change.
According to NewsOnAir from Kenya, leaders at the Africa Climate Summit would be called upon to make ambitious pledges and commitments.
It reported on Tuesday that a comprehensive “Pledging and Commitment Framework” would be developed to guide these actions.
“By embracing ambitious ideas and making bold commitments, we have the opportunity to turn the tide on climate change, not only in Africa but also globally.
“African officials said the investments are welcome but that meeting the continent’s financing needs will require a transformation of the global climate financing architecture,” NewsOnAir reported.
Read more: Govt hopes COP 28 would deliver ambitious, balanced, fair outcomes to address climate change issues
Specifically, African states planned to push at the COP28 for the expansion of special drawing rights at the International Monetary Fund that could unlock $500 billion worth of climate finance, which could be leveraged up to five times.
Climate change poses significant risks to the global community, with physical effects causing substantial economic losses.
Over the past decade, storms, wildfires, and floods have resulted in substantial Gross Domestic Product (GDP) losses.
Africa, in particular, faces severe climate-related challenges, including drought, desertification, and increasing cyclones, leading to displacement, migration, and food crises.
The continent is also disproportionately affected by the global temperature rise and is projected to experience escalating physical climate risks.
According to researchers, while Africa is suffering from some of the most severe impacts of climate change, the continent only receives about 12 percent of the financing it needs to cope.
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