Why in news?

The 1^st Africa Climate Summit (ACS23) held in Nairobi culminated in the ‘Nairobi Declaration’, giving the continent a common voice ahead of upcoming key global engagements.

What is the African Climate Summit 2023 about?

• Theme- Driving Green Growth and Climate Finance Solutions for Africa and the World
• Location - Nairobi, Republic of Kenya
• Host- Co-hosted by the Republic of Kenya, the African Union Commission (AUC)
• Aim- To position Africa in solidarity with the rest of the world for global climate action.
• Participants - Government representatives, policymakers, civil society organizations, the private sector, multilateral institutions, and youth representatives from Africa and beyond
• Focus areas- Nexus between climate change and Africa’s development reality, with special emphasis on increasing investment in climate action in Africa.
• The event was dominated by discussions about how to mobilize financing to adapt to
  • Increasingly extreme weather,
  • Conserve natural resources and
  • Develop renewable energy.
• Nairobi declaration- It will form the basis of Africa’s negotiating position at COP28 climate summit in United Arab Emirates.

What are the focus areas of the summit?

• Thematic areas
  • Nature Capital
  • Climate Finance
  • Renewable Energy and Energy Transition
  • Green Minerals and Manufacturing
  • Sustainable Agriculture
  • Land Use, Oceans and Water
  • Sustainable Infrastructure and Urbanisation
  • Adaptation and Resilience
• The summit committed to achieve 3 climate finance goals
  • More financing
  • Targeted financing
  • Cheaper higher risk appetite financing

What are the key outcomes of Nairobi declaration?

• The summit culminated in the Nairobi Declaration, an eleven-point call to action proclaiming African States' unified stance on climate action.

Climate financing

• Demands - At the Summit, African leaders called for a significant overhaul of the global financial system and their demands included
  • Improved access to concessional loans
  • Fulfilment of a 14-year-old promise by developed nations to mobilize USD 100 billion annually for climate adaptation and mitigation
  • Establishment of a carbon markets initiative to fund renewable energy infrastructure.
• Investments - During the Summit, donor nations and multilateral organizations pledged approximately USD 26 billion for climate investments.

To meet the emission reduction targets outlined in the Paris Agreement, Africa requires a substantial USD 2.8 trillion by 2030.

Global taxes and funding mechanisms

• Global Fossil Fuel Tax- It advocated for targeted taxes on sectors like aviation and maritime, the removal of fossil fuel subsidies worldwide, and the implementation of a global fossil fuel tax.
• Carbon Border Adjustment Mechanisms (CBAM) - It can be deployed as a tax for targeted mitigation and adaptation efforts.
• Financial Transaction Tax- Exploring this tax on a global scale is another potential avenue for generating significant revenue.
• Global Climate Finance Charter- It will be developed through the UN General Assembly and the COP processes by 2025.
• Debt - It recommends extending the debt repayment period and instituting a 10-year grace period.

Decarbonisation

• Urgent action- The summit calling for immediate action by developed countries to reduce carbon emissions for equality and shared prosperity.
• Steps to reduce emission-
  • Adherence to Paris Agreement,
  • Accelerate phasing down coal and
  • Operationalise Loss and Damage facility agreed at COP27.

G20 countries are responsible for around 80% of global greenhouse gas emissions.

What are the shortcomings of the summit?

• Western delegates - The proliferation of Western delegates in the Summit is said to have compromised Africa’s push for climate justice.
• Carbon market- Africa’s endorsement to carbon market has been described by many countries as a “bogus solution,” to the effects of climate change.
• A new report released by Power Shift Africa states that Africa should not adopt carbon credits as they are like a silver bullet and painkillers for rich polluters.
• Exclusion of health- Health is not included in the main agenda, despite extricable link with the climate change.
  • The exclusion happened against the backdrop of 23% of diseases globally being attributed to climate change, whilst the percentage is slightly higher in sub-Saharan Africa at 29%.

References

1. Down to Earth- African climate summit ends with Nairobi declaration
2. African Union- Nairobi declaration
3. World Economic Union- Africa Climate Action Taxes