Cairo: Dr. Sultan bin Ahmed Al-Jaber, the president-elect of COP28, has called for a significant increase in both public and private investment to support the African continent's fight against climate change.
Tuesday, Al-Jaber said in his address to the African Development Bank Annual Meeting, "Africa has enormous potential for low-carbon growth and sustainable development.
"But one significant obstacle stands in the way: a lack of readily available, easily accessible, and reasonably priced financing. Additionally, this lack of funding jeopardises Africa's sustainable development as well as global climate goals.
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Only 2% of the $3 trillion invested globally in renewable energy over the past 20 years has gone to Africa, according to the report. I think Africa can play a major role in defining low-carbon sustainable growth if we can tip the balance in favour of this continent when it comes to climate finance.
Al-Jaber pleaded with wealthy nations to honour their historic commitments and provide the extra $100 billion they promised more than ten years ago.
Failure to do so has eroded confidence in the multilateral process, which needs to be rebuilt, according to Al-Jaber.
The president-elect also emphasised that although the 54 countries of Africa contributed less than 4% of the world's emissions, they are suffering some of the worst effects. He emphasised that there are currently 700 million hectares of degraded agricultural land on this continent.
Famine and drought are also driving migration and destroying lives and livelihoods in Africa, where Africans depend on biodiversity for survival. He added that nearly one billion people lack access to clean cooking fuel, and that 600 million people lack access to electricity.
According to Al-Jaber, fundamental IFI and MDB reform is necessary to obtain significantly more concessional financing, reduce risk, and draw in private capital in order to achieve transformational progress.
African governments can develop a strong pipeline of sustainable investment by enacting laws and policies that foster an environment that encourages private investment. COP28 is looking into additional mechanisms to accelerate the flow of private finance to Africa.
"Many nations in Africa will be forced to pursue a high carbon development pathway if we are unable to provide effective climate finance for the continent. And nobody has an interest in that.
"Africa has a great opportunity to lead the way in low-carbon, high-growth sustainable development. Africa has the potential to emerge as a hub for renewable energy and a global driver of clean growth, rather than becoming a dump for outdated technology. To translate good intentions into tangible results, you need money.
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Along with every other pillar of the climate agenda, we need every nation and every stakeholder to stand together in solidarity on this issue. There is more to combating climate change than a list of numbers.
"It goes beyond achieving goals. It concerns individuals who merit a better future for their families.