The African Export-Import Bank (“Afreximbank”) is participating in the inaugural Africa Climate Summit, at which leading decisionmakers – from Africa and the wider international community – are gathering to discuss Africa’s exposure to climate change and its associated costs, with solutions and commitments for action to be formalized in the “Nairobi Declaration”.
The participation of Afreximbank at the Summit follows the Banks’ focused involvement at COP27 in Sharm el-Sheikh in 2022 as well as the signing of a US$3 billion Country Programme between Afreximbank and the Government of Kenya on 3 May 2023. As part of the programme, the Government of Kenya was the first country to access Afreximbank’s recently introduced Climate Change Adaptation Facility.
The event – convened by the African Union and hosted by the Government of Kenya – aims to create a forum in which government officials, policymakers, climate experts, businesses, civil society organizations, and international delegates can develop Africa-centric solutions which can be presented to the broader global community at the forthcoming COP28 in Dubai in November.
Afreximbank’s participation reflects the institution’s recognition of the centrality of climate change amongst Africa’s various challenges, as rising temperatures and sea levels, droughts, and floods further constrain the continent’s economic development. At the Summit, a delegation led by Afreximbank’s President Prof. Benedict Oramah is contributing to high-level discussions on climate finance, and several initiatives to support African states in developing future-proofed, green industries, which can accelerate economic development whilst also safeguarding the continent’s – and the world’s – ecological and climate security.
President Oramah in his opening speech for the Head of State Panel on the theme “New Climate Finance Architecture” commented that “the problem hasn’t been the deficit of ideas but the lack of action on the part of almost all stakeholders”. He stated that “we must call on developed economies to honour their commitments to developing nations towards climate finance. In the absence of firm global action, Africa is implementing concrete actions and putting forward pragmatic proposals to mobilise global resources to deal with the challenges of climate change.”
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