COP28 president-designate calls for boost in finance to combat climate change in Africa

CAIRO: COP28 President-Designate Dr. Sultan bin Ahmed Al-Jaber has called for a significant increase in public and private investment to help the African continent combat climate change.

Addressing the African Development Bank Annual Meeting on Tuesday, Al-Jaber said: “Africa has huge potential for low-carbon growth and sustainable development.

“But one critical challenge stands in its way — and that is the lack of available, accessible, affordable finance. And this lack of finance is putting the world’s climate goals and Africa’s sustainable development at risk.

“When it comes to renewable energy, only two percent of the $3 trillion invested worldwide over the last twenty years have made their way to Africa. If we can shift the balance on climate finance to Africa, I believe this continent can become a defining force in low carbon sustainable growth.”

Al-Jaber urged wealthy nations to fulfill historic commitments and contribute the additional $100 billion they pledged over a decade ago.

“Failure to do so has undermined trust in the multilateral process, which must be restored,” Al-Jaber said.

The president-designate also emphasized that Africa’s 54 countries have done the least to cause climate change, accounting for less than 4 percent of global emissions, but are bearing some of the worst consequences. He highlighted that 700 million hectares of agricultural land across this continent are currently degraded.

Meanwhile, droughts and famine are destroying lives and livelihoods, pushing migration, and eroding the biodiversity on which Africans rely for survival. He also stated that approximately 600 million people do not have access to electricity, and nearly one billion do not have access to clean cooking fuel.

Al-Jaber said that to achieve transformational progress, fundamental reform of IFIs and MDBs are essential for obtaining much more concessional finance, lowering risk, and attracting private capital.

“COP28 is exploring additional mechanisms to supercharge the flow of private finance to Africa, and, by adopting policies and regulations that create a favorable investment climate for the private sector, African governments can build a robust pipeline of sustainable investment.

“If we fail to deliver effective climate finance for Africa, many countries will have no choice but to follow a high carbon development pathway. And that is in no one’s interest.

“There is great potential for Africa to set an example for low-carbon, high-growth sustainable development. Instead of becoming a dumping ground for old technologies, Africa can emerge as a hub for renewable energies, and a driver for clean growth for the world. Finance is the key to turn good intentions into real results.

“We need every country and every stakeholder united in solidarity on this issue, alongside every other pillar of the climate agenda. Addressing climate change is more than a set of numbers.

“It is more than meeting goals. It’s about people who deserve a better future for their families.”