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UAE pledges $4.5bn to finance climate projects in Africa

1 min Read September 5, 2023 at 1:41 PM UTC

Highlights

The United Arab Emirates (UAE), the host of this year’s United Nations climate summit, has pledged $4.5 billion to help African nations accelerate clean-energy projects.
The announcement came at the inaugural Africa Climate Summit, held in Nairobi. An initiative to boost Africa’s carbon credit production 19-fold by 2030 also drew hundreds of millions of dollars of pledges.
In one of the reported deals, the UAE committed to buying $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI).

Source: ABC

Our Takeaway

Africa may need an almost tenfold increase in climate adaptation funding—from current flows of about $11 billion a year in 2020—to $100 billion a year if it’s to buttress its infrastructure, improve weather early warning systems, and shield its agriculture from climate change, per a report from the Global Center on Adaptation. This makes the three-day summit in Nairobi even more important as it could help portray Africa as a destination for climate investment rather than a victim of floods, drought, and famine.

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