African leaders have unveiled plans to raise $50 billion a year for a new continental climate initiative aimed at accelerating solutions to the worsening impacts of climate change.
The announcement came at the Second Africa Climate Summit (ACS2) in Addis Ababa, hosted by Ethiopian Prime Minister Abiy Ahmed. According to a draft declaration, the initiative will establish the Africa Climate Innovation Compact and the African Climate Facility to mobilise “$50 billion annually in catalytic finance to champion climate solutions.”
Abiy said the goal was to deliver 1,000 homegrown climate solutions by 2030, highlighting Ethiopia’s efforts, including its nationwide tree-planting campaign launched in 2019 and the inauguration of a major hydroelectric dam on Tuesday.
Despite devastating floods, droughts, and landslides that have battered the continent this year, leaders reaffirmed their commitment to climate action, even as the United States formally withdrew from the Paris Agreement.
During the summit’s opening, African leaders oversaw a landmark deal between development financiers and commercial banks to mobilise $100 billion in green energy investments.
However, the draft declaration underscored the continent’s significant financing gap. Africa requires more than $3 trillion by 2030 to achieve its climate targets but received just $30 billion between 2021 and 2022. Leaders called for greater international support, particularly through grants, to enable adaptation and resilience efforts.
The summit concluded with renewed calls for stronger global partnerships, positioning Africa as both vulnerable to and determined in tackling climate change.
Melissa Enoch
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