Climate change experts gathered in Nairobi on Wednesday March 19 for the second Climate Change Global Business Summit on Africa to explore solutions for bridging the climate finance gap across the continent.
The event, which took place over two days, brought together government officials, representatives from the United Nations, multilateral financial institutions, and the private sector. The summit focused on securing the necessary financial support to tackle climate change and promote sustainable development in Africa.
Kenya’s Cabinet Secretary for the Ministry of Environment, Climate Change, and Forestry, Aden Duale, highlighted that Kenya requires approximately 4 billion U.S. dollars annually for climate adaptation and an additional 1.4 billion dollars annually for mitigation efforts through 2030. He emphasized the critical need for international financial support from development partners and the private sector to combat the effects of climate change and build resilience.
The summit also underscored the urgent financial requirements for sub-Saharan Africa, with Malawian Minister of Energy Ibrahim Imedi Matola noting that climate change adaptation in the region is expected to need 30 to 50 billion dollars annually over the next decade. Stefano Marguccio, deputy CEO of Sustainable Energy for All, suggested innovative financing mechanisms such as debt-for-nature and debt-for-climate swaps as potential solutions to unlock Africa’s climate investment potential. He stressed the importance of policy reforms, incentives for renewable energy, and stronger public-private partnerships to attract sustainable investments aimed at enhancing the continent’s climate resilience.