Africa deserves more as global carbon sink
By Editorial.Team, September 7, 2023Leaders who have convened in Nairobi for the Africa Climate Summit hold a key to the future of the continent’s economy as challenges associated with climatic conditions deepen.
The summit presents a crucial platform to not only advocate for a fairer global climate finance system and assert Africa’s rightful place and also help trigger a response to climate change.
Indeed, it is an opportunity for African leaders to seize the moment and lead the way in addressing climate challenges while fostering economic growth and prosperity across the continent.
It is unfortunate that despite Africa’s minimal contribution to global greenhouse gas emissions, it is most affected by climate change.
The narrative over the years has seen Africa receive a disproportionately smaller share of global climate finance compared to other regions.
It would go a long way to make a change if the leaders came up with more innovative ways that would enable them negotiate from a solutions perspective, in a bid to push for critical policy changes that can initiate the journey towards a more balanced and resilient economy.
Africa has what it takes including talent and ample renewable resources that can lead efforts to tackle climate change, poverty and inequality. However, the region is constrained by a flawed global financial system that denies them access to affordable finance.
That is the reason why African leaders must push for more commitment from global lenders including the World Bank shareholders and donor governments to commit to increase grants and loans on climate change.
The summit must ensure donor governments fulfill their commitment to double adaptation finance and establish a framework for the Global Goal on Adaptation that is needs-based.
Further, they must push for the removal of barriers so that Special Drawing Rights can be recycled through multilateral development banks to enable Africa get the opportunity to finance climate change initiatives better.
Being the major carbon sink, it is important for an easy and straight forward way to earn from carbon credits in Africa, devoid of the current complications which makes earning a near impossibility for majority of Africans.
The most important outcome of the summit is coming up with a framework that will ensure all the funds set aside to cushion the continent are put into proper use.