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Big bucks and bigger ambition at the Africa Climate Summit
More than $1 billion in deals were announced on Day One. But the narrative alongside it was even more audacious
Hello - perhaps you saw Kenya’s president arrive at the summit in his new yellow limo (one battery, no previous owner). If the investments in climate action he lauded come off, you’ll tell your grandchildren one day. If not...
⏳ Today’s reading time: 6 mins
1. Forget victimhood: Ruto reframes Africa’s climate potential
The global fight against climate change can be a transformative engine for growth and prosperity in Africa. That was the message of African leaders at the start of the inaugural Africa Climate Summit in Nairobi.
Big money: Having registered around 30,000 delegates, the summit started with high ambition. Kenyan president William Ruto made a strongly worded case for reframing climate action as a "multi-billion-dollar" investment opportunity on the continent.
Talking points focused on investable innovation and green growth while mentions of climate justice were less prominent.
He suggested that "trillions of dollars globally are looking for green investment opportunities. Africa holds the key. It is a statement of fact. We are a powerhouse of potential."
In the lead: The president was speaking to an audience that included high officials from western governments and the UN, IMF and World Bank. He told them, "Africa holds the key to decarbonising the global economy. Africa possesses all the necessary resources."
The resources: At least four key "endowments" make Africa valuable to climate action and the decarbonisation of the global economy.
Renewable energy potential including solar and geothermal
Natural resources such as minerals needed in green technologies
Young and growing workforces while the rest of the world ages
Vast forests. "African carbon sinks are an economic gold mine," the Kenyan president said. "They have the potential for absorbing millions of tonnes of CO2 every year. We have the sinks to store the carbon produced by other continents - but we are getting nothing for it."
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