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IMG-20230907-WA0174

Youth at the Helm: Addressing Adaptation Finance Issues at ACS23

The African Climate Summit 2023 (ACS23) was a pivotal event that brought together a myriad of stakeholders, including the Youth for Adaptation Finance Initiative (YAF). Unfortunately, the summit fell short in terms of concrete commitments on adaptation finance for Africa. This article explores the sentiments expressed by the African youth community, their concerns, and their recommendations for rectifying the situation.

The African Climate Summit: A Missed Opportunity

The African Climate Summit was expected to be a platform where clear commitments on adaptation finance for Africa would be made. However, this was not the case. The summit didn’t meet the high hopes of the youth, as tangible commitments were lacking.

The African Leaders’ declaration, although emphasizing the importance of scaling African solutions and attracting necessary financing, failed to present concrete plans. Furthermore, a report by the Climate Policy Initiative stated that Africa requires $2.8 trillion between 2020 and 2030 to implement its Nationally Determined Contributions (NDCs) under the Paris Agreement, highlighting the significant financial resources required.

The Challenges: High Capital Costs and Inequitable Financing

One of the primary obstacles lies in the high cost of capital and the unevenness in international financial support. The developed world needs to cut CO2 emissions, increase funding for loss, damage, and adaptation, and invest more in renewable energy to address these challenges.

The Concerns Raised at the African Climate Summit

The African youth, under the YAF Africa banner, expressed several concerns at the summit these concerns were presented by the coordinator of the YAF Africa Initiative Mr Afanyu Yembe. These include: Download Full Statement

 

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