Energy News
ENERGY NEWS
African leaders to push for finance at climate summit
African leaders to push for finance at climate summit
by AFP Staff Writers
Nairobi (AFP) Sept 5, 2023

African leaders and global policymakers gather on Tuesday in Kenya for a climate summit aimed at showcasing the continent as a destination for investment in efforts to combat global warming.

Heads of state, and government and industry leaders, are among thousands of attendees at the summit where Africa is promoting its potential as a clean energy powerhouse and asset in addressing the climate emergency.

The Africa Climate Summit in Nairobi comes ahead of the COP28 summit later this year in the oil-rich United Arab Emirates, which is expected to feature competing agendas for the world's energy future.

The three-day event in Nairobi, which began Monday, is billed as bringing together African leaders to define a shared vision for green development on the diverse continent of 1.4 billion.

Kenyan President William Ruto is hosting counterparts from countries including Mozambique, Tanzania and Ghana, and United Nations head Antonio Guterres, US climate envoy John Kerry, and COP28 president Sultan Al Jaber are in attendance.

On Tuesday, the summit will offer proposals to reform global financial structures that have resulted in only a tiny fraction of investments in climate solutions being directed toward Africa.

Countries in Africa are hamstrung by mounting debt costs and a dearth of finance, and despite an abundance of natural resources just three percent of energy investments worldwide are made in the continent.

- Competing visions -

On the opening day of the summit on Monday, Ruto said trillions of dollars in "green investment opportunities" would be needed as the climate crisis accelerates.

"Africa holds the key to accelerating decarbonization of the global economy. We are not just a continent rich in resources. We are a powerhouse of untapped potential, eager to engage and fairly compete in the global markets," Ruto said on Monday.

A clean energy transition across the world's developing nations will be crucial in order to keep alive the Paris Agreement goal of capping global warming "well below" two degrees Celsius since pre-industrial times, and 1.5C if possible.

To make that happen, the International Energy Agency (IEA) says investment will need to surge to $2 trillion a year within a decade -- an eight-fold increase.

International investment must be "massively scaled up to enable commitments to be turned into actions across the continent", said Ruto, Al Jaber, and African Union Commission head Moussa Faki Mahamat in a joint statement on Monday.

The summit's focus on climate finance has drawn opposition from some environmental quarters, with hundreds of demonstrators protesting near the conference venue in Nairobi on its opening day.

A coalition of civil society groups has been urging Ruto to steer global climate priorities away from what it perceives as a Western-led agenda that champions carbon markets and other financial tools to redress the climate crisis.

Related Links

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
ENERGY NEWS
Global tensions risk clean energy progress: IEA chief
Nairobi (AFP) Sept 4, 2023
The head of the International Energy Agency urged the United States and China to set aside their differences and align on climate change, warning in an interview Monday that "geopolitical fractures" risked holding back the clean energy transition. Speaking at the African Climate Summit in Nairobi, Fatih Birol told AFP that these international rifts, partly stoked by Russia's invasion of Ukraine, are "becoming more and more pronounced". "When I look at the future of energy and climate, I see t ... read more

ENERGY NEWS
African leaders to push for finance at climate summit

Controversial plan to develop Toronto green area under review

Billions pledged for green development at Africa climate talks

Free electricity boon for Norway's two biggest cities

ENERGY NEWS
Alumnus' thermal battery helps industry eliminate fossil fuels

Jeep owner Stellantis invests $100 mn in US lithium

DoE announces $112 million for research on computational projects in fusion energy sciences

US lab repeats nuclear fusion feat, with higher yield

ENERGY NEWS
UK eases effective ban on onshore wind in England

China, US lift wind turbine sales: study

Interior Department holds offshore wind energy auction for Gulf

DLR opens wind energy research farm in Krummendeich

ENERGY NEWS
New insight for stabilizing halide perovskite via thiocyanate substitution

Low cost, high efficiency, multiple colors at the same time!

Lithuanian invention at the forefront of solar technology breakthrough

Solar powered irrigation: a game-changer for small-scale farms in sub-Saharan Africa

ENERGY NEWS
Kazakh leader calls for rare vote on nuclear plant

Sweden to clear obstacles for new nuclear reactors

Ukraine nuclear plants fully operational for winter: operator

No explosives found on Zaporizhzhia nuclear plant roofs: IAEA

ENERGY NEWS
Making aviation fuel from biomass

Chevron, partners develop a transportation fuel using animal waste as a feedstock

Illinois research leading to cleaner propane production method

Transforming flies into degradable plastics

ENERGY NEWS
UAE announces $4.5 bn in Africa clean energy investments

UAE oil giant announces new carbon capture project

France seeking deadline for global oil, coal phaseout

UAE's ADNOC Gas signs $450-550 mn Chinese supply deal

ENERGY NEWS
Climate change worsening heatwaves, air quality: UN

How climate change boosts hurricanes

Understanting the climate benchmark

Von der Leyen backs Dutch FM Hoekstra for EU climate post

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.