UPDATED: African leaders announce $23 billion Nairobi declaration target for green growth

After two days of extensive deliberations around the devastating impacts of Climate Change across the continent and globally, African political and business leaders in Kenya have adopted the Nairobi Declaration to raise 23 billion dollars for green growth, mitigation and adaptation to address climate challenges in Africa.

The declaration was announced by Kenya’s president, William Ruto, and adopted by African Heads of State and Government in the presence of global leaders and high-level representatives at the closing plenary of the summit on Wednesday in Kenya.

“During this action-focused summit, various stakeholders, including governments, the private sector, multilateral banks and philanthropists, have made substantial commitments totalling a remarkable $23 billion for green growth, mitigation and adaptation efforts across Africa,” Mr Ruto said.

The Nairobi declaration target was announced among several other commitments from world leaders to appreciate that decarbonising the global economy is also an opportunity to contribute to equality and shared prosperity.

“Increasing Africa’s renewable generation capacity from 56 GW in 2022 to at least 300 GW by 2030, both to address energy poverty and to bolster the global supply of cost-effective clean energy for industry,” the declaration document states in part.

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The ACS 2023 focuses on delivering climate-positive growth and finance solutions for Africa and the world.

Highlights

The President said that during the summit, a transformative partnership investing $60 million over two years in expanding grid access in rural Burundi was reached.

Also, he said the summit declaration had a $4.5 billion commitment from the UAE to boost renewable energy.

“Substantial contributions from European nations and significant investments from private sector entities like Masdar, PowerGen, Leapfrog, Cross-Boundary and Husk Power, emphasising renewable energy initiatives,” Mr Ruto said.

He spoke about the signing of Kenya’s Green Hydrogen Strategy, adding that the European Union is expected to drive and accelerate green manufacturing and create thousands of new, high-value jobs in addition to attracting large private investment.

“Additionally, there has been a notable increase in adaptation financing, reflecting a deep commitment to Africa’s sustainable future and energy systems, aligning with the ambitious Nairobi Declaration,” he said.

Youth inclusion

The president said African young people have provided leaders with excellent models for approaching the continent’s future.

This, he said, the youths have done by being open to possibility, bold in imagination, willing to embrace radically transformative technologies, and seeking opportunities to collaborate locally and globally to achieve positive change.

“It is wonderfully appropriate that Africa is a young continent; the future does not merely belong to us: We are the future,” he said.

He added that proceeding on the recognition that the reform of multilateral financial architecture and the mobilisation of adequate financial resources is necessary for progress in Africa’s journey into the future.

“We have challenged the international community to exercise a level of imagination in governance and climate action that is commensurate with the imperative to overcome the immense existential challenges of our time,” he said.

Private Initiative

Reacting to the Nairobi Declaration announced by Mr Ruto, James Mwangi, CEO Equity Bank, on behalf of the private sector, said business leaders are committed to driving investment opportunities across various sectors of the declaration.

On decarbonisation, Mr Mwangi said: “We are committed to actively seek opportunities for nature-based solutions in decarbonisation plans and commitments to net zero, Carbon market and just transition.”

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On green transition minerals, he said leaders are committed to investing in new green mineral projects and their value chains by providing fair working conditions.

“On food and agriculture, we commit to create critical infrastructure such as refrigeration facilities warehouses to reduce post-production waste and support market and trade opportunities,” he said.