Climate change experts gathered in Nairobi, Kenya, on Wednesday for the second Climate Change Global Business Summit on Africa to discuss strategies for bridging the climate finance gap on the continent. The summit, which continued into Thursday, saw participation from officials across African governments, multilateral financial institutions, the United Nations, and the private sector.
Kenya’s Cabinet Secretary for the Ministry of Environment, Climate Change, and Forestry, Aden Duale, highlighted the country’s financial needs, stating that Kenya requires about 54 billion US dollars annually for climate adaptation and an additional 1.4 billion dollars annually for mitigation efforts until 2030. “This funding is essential to addressing the impacts of climate change and building a resilient, sustainable future for all Kenyans,” Duale said, stressing the importance of international support for climate action.
The summit also brought together a host of notable dignitaries from across the globe, including Malawi’s Minister for Energy, Ibrahim Imedi Matola, Former Somalia Minister for Environment Khadija Makhzumi Al-Makhzoumi, and several representatives from international organizations such as the European Bank for Reconstruction and Development and the Arab Bank for Africa Development.
Stefano Marguccio, Deputy CEO of Sustainable Energy for All, called for innovative financing solutions, such as debt-for-nature and debt-for-climate swaps, to unlock Africa’s climate investment potential. Marguccio also stressed the importance of transformative policies, including incentives for renewable energy and public-private partnerships, to attract sustainable investments and strengthen the continent’s climate resilience.
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