African leaders attending the Africa Climate Summit have resolved to establish a new financing architecture that is responsive to Africa’s needs.
Following the three-day event, the heads of state and government proposed that the new financing model would also include debt restructuring and relief.
To realise this, the leaders agreed to develop a new Global Climate Finance Charter through the United National General Assembly (UNGA) and Conference to the Parties to the UN on Climate Change processes by 2025.
The leaders also decided that they would establish the Africa Climate Summit as a biennial event convened by the African Union and hosted by AU Member States.
This, the leaders said, will set the continent’s new vision taking into consideration emerging global climate and development issues.
"This declaration will serve as a basis for Africa’s common position in the global climate change process to COP 28 and beyond," the leaders said.
The leaders tasked the African Union Commission to develop an implementation framework and roadmap for the declaration and to make Climate Change an AU theme for the Year 2025 or 2026.
The leaders invited development partners from both the global south and north to align and coordinate their technical and financial resources directed towards Africa.
They also resolved to promote sustainable utilization of Africa’s natural assets for the continent’s progression toward low-carbon development, and contributing to global decarbonization.
They called on world leaders to appreciate that decarbonising the global economy is also an opportunity to contribute to equality and shared prosperity.
