The African Climate Summit, which closed last week, has $26 billion in financial commitments, said Joseph Ng'ang'a, the organization's president. Addressing the issue of failed financial promises in the past, Ng'ang'a said that this time is different and the optimism comes from the effectiveness of these new promises. According to him, these promises were explained as these are companies that invest in Africa, and he said that those in charge know where the change promises come from.He pointed out that the first pledge of $100 billion has been made, but no one knows where it came from or where it will be put. At the African Climate Summit last week, many parties pledged to contribute financially to Africa's climate action. Some of these parties include the Bezos Earth Fund, and the United Arab Emirates, announced. Nairametrics has reported that the Abu Dhabi Fund for Development will provide $1 billion in financial assistance. Etihad Credit Insurance will provide $500 million in credit insurance to mitigate risk and unlock private capital. Masdar has pledged $2 billion in equity and will raise another $8 billion in project investments to generate 10 gigawatts of clean energy in Africa by 2030.Meanwhile, AMEA Power will help support 5 gigawatts of renewable energy capacity on the continent by 2030, providing $5 billion, including $1 billion in equity investments and $4 billion in equity investments .
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He said this during an interview via CNN. Ng’ang’a noted that the Summit was well attended by country leaders and other stakeholders across key sectors. He said: “President Ruto set an ambition in February to amplify the urgency of the climate ambition around green growth and climate finance and in six months flat, we are here celebrating that ambition and it has landed with global leaders, over 20 African heads of state, and 40 countries represented at the ministerial level, private sector, indigenous people, civil society, have come together. “The climate summit achieved two things – bringing Africans together, This is the first time we have come together as a continent and agreed on a climate action plan, shared it in a declaration, and negotiated it among all the African Union (AU) countries and signed it and had it supported by over $20 billions of global commitment towards unlocking that very ambition.”
“Today’s commitments of $26 billion are very clear on sources and where the investments are going and some of those are in various stages of being achieved. One of the outcomes is a roadmap toward achieving implementation, so we will be holding ourselves accountable for that implementation.”
