Trending
- African Heads of State call for tripling of World Bank’s concessional financing
- SpaceX offers Starlink kit at half price for first-time Kenyan customers
- Mobile Banking Reshaping the Gender Gap in Financial Inclusion
- Unleashing ideas: AIM Congress sets the stage for over 450 dialogue sessions
- Abu Dhabi welcomes over 330 partners for AIM Congress 2024
- Kenyan Farmers Receive $2M Boost from Africa Fertiliser Financing Mechanism
- Brace for High Interest Rates for a Longer Period World Bank Warns Kenya
- Kenya-Ethiopia Trade Relations: Legislators Advocate for Policy Alignment to Boost Ties
Browsing: Impact of Climate Change in Africa
- A staggering $8 trillion would be invested in installing renewables to achieve COP28 renewable targets.
- The report finds that COP28 renewable targets must continue growing enormously beyond the decade’s end.
- Without this, the pledge to triple COP28 renewable targets will ring increasingly hollow.
The investments channelled towards the development of renewables will need to grow fivefold if the Sub-Saharan African countries are to achieve COP28 Renewable Targets.
A new think tank Climate Analytics report shows that $8 trillion of investment is needed for new renewables and $4 trillion for grid and storage infrastructure to deliver the 2030 tripling goal agreed at COP28 – or combined, $2 trillion a year on average.
This is twice as fast as the current global average. 2023 global investment reached $1 trillion, around half of the annual investment needed between 2024 and 2030.
The insights show that using climate finance to mobilise $100 billion a …
- Africa stands to lose up to $25 billion annually due to the direct impact of the EU Carbon Border Tax Adjustment Mechanism.
- With Africa’s energy deficit and reliance mainly on fossil fuels, especially diesel, the implication is that Africa will be forced to export raw commodities again into Europe.
- New carbon tax could severely impede Africa’s progress by penalizing value-added exports in industries such as steel, cement, iron, aluminum, and fertilizers.
In a stark warning, African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, has raised concerns about the potential ramifications of the new EU carbon border tax on Africa’s trade and industrialization efforts.
Dr Adesina says that this tax could severely impede Africa’s progress by penalizing value-added exports, specifically targeting crucial industries such as steel, cement, iron, aluminum, and fertilizers.
The imposition of carbon tax would have a profound impact on the continent’s ability to compete in the global …
- The Africa Climate Summit 2023 seeks to foster collaborative efforts in addressing the pressing climate crisis.
- Ahead of the summit, President William Ruto calls on the global north to live up to the climate action commitments.
- African government leaders are poised to commit to a Nairobi Declaration at the end of the meeting.
In a historic gathering of minds, an estimated 15,000 individuals, spanning government leaders, policymakers, civil society, the private sector, multilateral institutions, and youth from approximately 80 countries, have converged in Nairobi, Kenya, for the first-ever Africa Climate Summit.
The event has garnered attention from across the globe. Over 30 Heads of State have confirmed their attendance. Also attending will be the US Special Presidential Envoy for Climate John Kerry.
Africa Climate Summit 2023
The primary aim of the Africa Climate Summit 2023 is to foster collaborative efforts in addressing the pressing climate crisis. Earlier Mr. Kerry expressed …
