African leaders are seeking to mobilize $50 billion a year under a new climate initiative spearheaded by Ethiopian Prime Minister Abiy Ahmed, according to a draft declaration from a summit in Addis Ababa.
The plan includes the launch of the Africa Climate Innovation Compact and the African Climate Facility to champion climate solutions, with a goal of delivering 1,000 projects by 2030.
Ethiopia highlighted its tree-planting campaign and the launch of a mega hydroelectric dam as examples of sustainable development efforts.
The summit also saw African leaders oversee an agreement between development financiers and commercial banks to mobilize $100 billion for green power investments.
Despite requiring over $3 trillion to meet its 2030 climate goals, the continent received just $30 billion between 2021 and 2022.
The declaration called for stronger global partnerships and financing commitments, particularly in grants, to help Africa adapt to worsening climate impacts such as floods, droughts, and landslides.
