Africa is seeking to raise 50 billion dollars annually to fund a new continental climate solutions initiative led by Ethiopia’s Prime Minister Abiy Ahmed. A draft declaration from a leaders’ climate summit in Addis Ababa outlines plans to create the Africa Climate Innovation Compact and the African Climate Facility to mobilise funds for 1,000 climate solutions by 2030. Despite global uncertainties, including the United States’ withdrawal from the Paris Agreement, African leaders remain determined to advance their climate commitments. The summit also featured a landmark deal between African development financiers and commercial banks to mobilise 100 billion dollars for green power projects, while Ethiopia showcased its massive tree-planting drive and a new hydroelectric dam as proof of Africa’s ability to pair economic growth with environmental protection.
However, the continent faces a steep challenge, needing over 3 trillion dollars to meet its 2030 climate goals but having received only 30 billion dollars between 2021 and 2022. Leaders are calling for stronger international partnerships and increased grant funding to close the financing gap and accelerate adaptation to climate change.