"NAIROBI - African leaders on Wednesday proposed new global taxes and reforms to international financial institutions to help fund climate change action in a declaration that will form the basis of their negotiating position at November's COP28 summit.
The Nairobi Declaration capped the three-day Africa Climate Summit in Kenya, which was dominated by discussions of how to mobilise financing to adapt to increasingly extreme weather, conserve natural resources and develop renewable energy.
Despite suffering from some of the worst impacts of climate change, Africa only receives about 12% of the nearly $300 billion in annual financing it needs to cope, according to researchers.
While organisers emphasised market-based solutions such as carbon credits in the lead-up to the summit, the final declaration was heaviest on demands that major polluters and global financial institutions commit more resources to help poorer nations and make it easier for them to borrow at affordable rates."
Duncan Miriri reports for Reuters September 6, 2023.
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"At Africa’s First Climate Summit, a Clear Call to the World: Invest in Us" (New York Times)
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