Joseph Nganga, the chief organizer of the first African Climate Summit, confirmed today that deals worth hundreds of millions of dollars are expected at the summit scheduled for next month, focusing on nature-based investments, which are increasingly in demand. In an interview with Reuters, he stated, "I expect deals ranging from one million dollars to hundreds of millions of dollars." He added that the deals will involve funding from both the private and public sectors for nature-based investments, clean energy production, and climate adaptation efforts.
More than 20 African heads of state and government, along with 20,000 delegates from around the world, led by United Nations Secretary-General Antonio Guterres, are participating in the summit, which will take place from September 4 to 6 in Nairobi, Kenya. African countries have been severely impacted by changing climate patterns, suffering increasingly from droughts, floods, and climate-related storms.
In recent months, many deals involving African nations have been announced. These deals are nature-based and help address the challenge of who bears the cost of combating the effects of climate change. Kenyan Special Envoy on Climate Change Ali Mohammed mentioned in the same interview that African governments are also preparing to advocate at COP28 for the funding commitments that wealthy nations pledged at previous climate summits.
He continued, "COP27, which took place last year in Egypt, agreed to establish a fund for loss and damage for developing countries, but this has not yet materialized." He clarified, "We are holding this summit not to continue reiterating the same messages but to present Africa's solutions to the challenges." Furthermore, recognizing the Congo Basin as a key carbon absorption area is one of the main goals for African countries ahead of COP28.
