African leaders have announced plans to mobilise $50 billion annually for a new continental climate programme designed to accelerate solutions to the growing impacts of climate change.
The initiative, unveiled at the Second Africa Climate Summit (ACS2) in Addis Ababa and hosted by Ethiopian Prime Minister Abiy Ahmed, will establish the Africa Climate Innovation Compact and the African Climate Facility to drive catalytic finance and champion local climate solutions.
Prime Minister Abiy said the programme aims to deliver 1,000 homegrown climate solutions by 2030, citing Ethiopia’s nationwide tree-planting campaign and the recent commissioning of a major hydroelectric dam as examples of ongoing efforts.
Despite widespread flooding, droughts, and landslides across the continent this year, leaders at the summit reaffirmed their commitment to climate action. The meeting also saw the signing of a landmark deal between development financiers and commercial banks to mobilise $100 billion in green energy investments.
A draft declaration warned of Africa’s huge financing gap, noting that the continent needs more than $3 trillion by 2030 to meet its climate goals but received only $30 billion in funding between 2021 and 2022. Leaders urged stronger global partnerships and increased grant support to boost adaptation and resilience.
The summit closed with a call to position Africa not only as one of the regions most vulnerable to climate change but also as a key driver of climate solutions.
