Space Industry and Business News
ENERGY NEWS
Africa climate demands zero in on finance, debt and taxes
Africa climate demands zero in on finance, debt and taxes
By Kelly MACNAMARA
Nairobi (AFP) Sept 7, 2023

Renewables funding, global finance reform and carbon taxes head the demands formulated by African nations at a summit in Nairobi this week as the world heads towards annual climate negotiations.

The final declaration at the first-ever pan-African climate summit laid out a vision pitching the continent as a key to decarbonisation but also calling for funds and reform to help it achieve those goals.

The gathering -- a stepping stone towards the UN's COP28 starting in Dubai in November -- also urged a swifter phase-down of coal and an end to fossil fuel subsidies.

Key points:

- Clean energy push -

Africa has around 40 percent of the world's potential energy resources, but attracted only two percent of investment in this field over the last decade.

The summit called for an investment of $600 billion -- a tenfold increase from current levels -- to meet a renewable energy target of 300 gigawatts (GW) by 2030 up from 56 GW in 2022.

Boosting clean energy is critical for the continent of 1.4 billion, where around 600 million people lack access to any electricity at all.

- Carbon taxes -

To free up funds, the declaration urged world leaders to "rally behind the proposal for a [global] carbon taxation regime," which would include levies on fossil fuel trade, maritime transport and aviation.

It said these could be complemented by a global financial transaction tax.

The calls build momentum for proposals that have been championed by developing countries in recent years.

At a climate finance summit in Paris in June, French President Emmanuel Macron backed the shipping levy, but said it would need support from China, the United States and other European nations to work.

US climate envoy John Kerry told reporters the US government had "not yet embraced any particular carbon pricing mechanism", but was analysing various proposals.

- Finance reforms -

The declaration threw its support behind a growing chorus of calls for reform of the global financial architecture.

Leaders called for debt restructuring and relief, a particular concern in the region staggering under the burden of mounting repayment costs.

The demands are likely to add traction for reforms of the World Bank and International Monetary Fund (IMF) in the run-up to their annual meeting in October.

- Green industrialisation -

Leaders made a call for lower-carbon growth that leapfrogs "traditional industrial development".

A key demand is to make Africa the place where its raw materials -- including critical minerals needed for green technologies -- are processed, and not just exported.

Leaders also pinned hopes on carbon markets to monetise the region's carbon-absorbing ecosystems like rainforests, mangroves and peatlands.

The summit drew hundreds of millions in pledges for carbon markets, but the largely-unregulated industry is controversial and has seen accusations that some offsets -- particularly forest-based ones -- do little for the environment or exploit communities.

"Carbon credits are really 'pollution permits' and they help rich polluting companies from making actual cuts in their own emissions," said Mohamed Adow of energy and climate think tank Power Shift Africa.

- Climate impacts -

The declaration reiterated calls for wealthy countries to make good on their pledge to deliver $100 billion a year in climate finance to poorer nations by 2020.

Leaders also demanded the swift implementation of the "loss and damage" fund, created at the COP27 meeting in Egypt last year to cover the costs faced by vulnerable countries from climate-linked natural disasters and impacts like rising sea levels.

That call "cannot be ignored", said Christian Aid's Joab Bwire Okanda, calling for developing countries to play a key role in the fund's design.

- United voice -

Leaders of major regional fossil fuel economies like South Africa and Nigeria were notably absent from the summit.

However, the African Union said the declaration had unanimous support.

The declaration "sends a strong signal to the international community," said Laurence Tubiana, head of the European Climate Foundation.

Related Links

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
ENERGY NEWS
Global tensions risk clean energy progress: IEA chief
Nairobi (AFP) Sept 4, 2023
The head of the International Energy Agency urged the United States and China to set aside their differences and align on climate change, warning in an interview Monday that "geopolitical fractures" risked holding back the clean energy transition. Speaking at the African Climate Summit in Nairobi, Fatih Birol told AFP that these international rifts, partly stoked by Russia's invasion of Ukraine, are "becoming more and more pronounced". "When I look at the future of energy and climate, I see t ... read more

ENERGY NEWS
From art squat to Berlin gentrification lightning rod

US envoy feasts on Fukushima fish, slams China water 'dumps'

Japan PM eats 'safe and delicious' Fukushima fish

Northrop Grumman delivers mini laser to US Government

ENERGY NEWS
Hughes awarded Space Force IDIQ Contract for LEO satellite services

Lockheed Martin to supply 36 Small Satellites to advance SDA satcom network

USSF contracts OneWeb for commercial LEO communications services

RTX to develop platform agnostic, beyond-line-of-sight, satcoms

ENERGY NEWS
ENERGY NEWS
Present and future of satellite navigation

New Galileo station goes on duty

Potential earthquake precursor discovered through GPS measurements

Northrop Grumman's new airborne navigation system achieves successful flight test

ENERGY NEWS
Iran adds Russian combat trainer jets to air force: media

Dutch press ahead to cut Amsterdam airport flights

11 hospitalized as flight hits turbulence en route to Atlanta

France calls for minimum price on European flights

ENERGY NEWS
Tech's carbon footprint: can AI revolutionize responsibly?

Analog and digital: The best of both worlds in one energy-efficient system

A simpler way to connect quantum computers

DNA chips as storage media of the future: What challenges need to be overcome

ENERGY NEWS
BlackSky images complex evacuation operation during first days of 2023 Sudan conflict

Infospectrum expands Spire Global contract to enhance vessel-tracking capabilities

Sensing city night heat from space

Scientists zoom in on the Asian monsoon season using satellite data

ENERGY NEWS
Air pollution greatest global threat to human health, says benchmark study

Indonesia sanctions 11 industrial firms over Jakarta pollution spikes

Kids entitled to clean, healthy environment: UN committee

Russian teen eco-activists fight for future as risks mount

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.