By Duncan Miriri
NAIROBI (Reuters) – Financing and Africa’s negotiating position in upcoming global talks will dominate the continent’s first climate summit in Kenya next week.
The following are some of the expected outcomes and themes expected to be in focus at the Sept. 4-6 summit.
* The Nairobi Declaration
The declaration, to be issued at the end of the event, will outline Africa’s position on issues ahead of the COP28 U.N. climate summit in Dubai beginning at the end of November.
Summit organisers say the document will emphasise Africa’s ability to provide climate solutions through its carbon sinks, including the Congo Basin, its availability of arable land, immense renewable energy potential and stocks of battery minerals.
* Financing deals
Summit organisers say they expect deals worth hundreds of millions of dollars to be announced or signed in Nairobi.
The transactions, which are expected to involve private and public sector investors, will include debt-for-nature swaps, regular debt, equity and carbon credits, the organisers said.
Investments in renewable energy, green technology and sustainable food farming are also likely to be unveiled.
* African Carbon Markets Initiative (ACMI)
According to the summit’s agenda, a deal will be announced that involves the ACMI and the United Arab Emirates.
The ACMI was launched at the COP27 summit last year to boost Africa’s production of carbon credits, which allow polluters to offset emissions by financing green activity, 19-fold by 2030.
The initiative is a point of contention between African governments and some activist groups.
Governments see the offsets as a growing industry that can generate revenues, while the activist see them as an excuse for richer countries to keep polluting and say the lack of a binding cap on global emissions keeps prices artificially low.
* International finance
Kenya’s environment minister said the summit would propose a new international financing model that allows heavily indebted African nations to service their obligations while putting cash aside for climate action.
African countries are also expected to press rich world donors to fulfil previous financial commitments to help the continent navigate the climate crisis.
* Green and blue walls
African states could unveil proposals for what are known as green and blue walls, or multi-country initiatives to protect forest and coastline resources that would be presented as single investable projects, organisers of the summit said.
(Reporting by Duncan Miriri; Editing by Aaron Ross and Barbara Lewis)
