Africa: The United Kingdom announced £64 million or $80.3 million in investment to fight the climate crisis at the African Climate Summit hosted by Kenya

The United Kingdom announced £64 million ($80.3 million) of investment to combat the climate crisis during the first African Climate Summit hosted by Kenya from September 4 to 6. The information was made public by the British government on Monday September 4.

According to the briefing note, projects worth £49 million will focus on the two key areas in the fight against climate change. This involves mobilizing funds for climate action and aid to populations impacted by the scourge across the continent.

The statement also said that seven other £15 million climate finance projects funded by FSD Africa Investments, a UK aid-backed development agency, will also be launched.

The agency will be responsible for mobilizing capital from private sources, in order to allow small businesses to access financing, create innovative products and provide inclusive technological solutions, specifies the same source.

“Together, these projects will improve access to basic services, including renewable energy and healthcare, for more than 500,000 people, create 3,400 jobs and provide cheaper and reliable energy to households,” he said. underlined Andrew Mitchell, British Minister for Development and Africa.

For the British official, these initiatives correlate with the promise made by the British Foreign Minister, James Cleverly, “to make reliable and honest investments in Africa” during his visit to Kenya in December 2022, as well as the commitments taken during COP26.

Although Africa is responsible for only a fraction of global greenhouse gas emissions, it is increasingly bearing the brunt of the effects of climate change. These significantly impact food security and economies.

Through this African Climate Summit, African heads of state and government agreed to lead the way in finding lasting solutions to the climate crisis. They expressed their intention to collaborate with developed countries, while reminding them of their commitments to climate action.

According to the World Meteorological Organization (WMO), in 2022, the effects of climate change will cause more than $8.5 billion in economic damage in Africa.