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🚁 Heli view: Africa must stick to its guns on climate funding
African leaders presented their newly-minted green agenda on the global stage in New York in the past week. But the reception was underwhelming. What now?
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African leaders presented their newly-minted green agenda on the global stage in New York in the past week. But the reception was underwhelming. What now?
Is the continent on the wrong track… and if so, what’s the alternative?
The presentation: It was a perfect charm offensive. African leaders at the UN General Assembly showed eloquence and resolve to shift global climate action.
They plugged the recently agreed Nairobi Declaration – in perfect unison
Past talk of victimhood was replaced with a focus on economic opportunity
African resources shone as key for the planet’s climate (forests, minerals, etc)
Beyond generalities: African leaders also made clear the Global North should invest on the continent for climate action to benefit the whole planet. That includes:
New, expanded for-profit funding
Changes in global debt structures
Taxation of the biggest emitters
The reaction: Nobody thought this would be easy. But the response was more disappointing than expected.
Replenishment pledges for the Green Climate Fund fell short of promises (see chart above)
Observers see little chance of much movement before COP 28
The background: Africa’s bumpy week has much to do with politics in far-off places.
The US Congress is deadlocked on funding, including for Africa
EU countries are scaling back domestic commitments (UK & Germany)
Wary of much-debated debt restructuring, investors fled Kenya's eurobonds
What matters: Despite setbacks, African leaders are building on strong momentum. That should give them confidence to stick with their course.
In New York, they featured prominently and as equal partners
Quietly and otherwise, they are creating all the right alliances
The new World Bank president has been highly supportive
Embracing the popular Bridgetown Initiative will yield benefits
The White House remains engaged, regardless of Congress
In sum: The foundation for climate-related financial reforms have been laid. This should result in more funding for climate-positive growth in Africa, eventually.
US Treasury Secretary Janet Yellen embraced the linkages between climate change, investment and food security.
President Joe Biden still seeks Congress approval for at least $25 billion in new World Bank financing.
What next: October is rich with further opportunities for lobbying. Keep plugging away at the Three Basin Summit in Brazzaville and the IMF annual meeting in Marrakech.