President Kenyatta calls for enhanced financing to combat climate change

President Uhuru Kenyatta has called for enhanced financing for interventions geared towards combating climate change.

The President urged leaders attending the African Union (AU) – European Union (EU) Summit in Brussels, Belgium, to prioritize climate financing to avert a climate crisis.

He warned that the effects of climate change, unless checked, could undermine achievement of global development targets including the United Nations Sustainable Development Goals (SDGs).

“I urge this summit to prioritize climate financing because failure to avert the climate crisis will lead to a failure of other development goals that drive our partnership,” President Kenyatta said.

President Kenyatta spoke on Thursday when he joined other African and European Heads of State and Governments for the two-day AU-EU summit.

The President expressed concern over the inadequate mobilization of sustainable climate finance, noting that lack of funding will increase climate-related costs on African nations.

“The recent UNEP Adaptation Gap Report indicated that annual adaptation costs in developing countries are currently estimated to be about US $70 billion and are expected to rise to between US $140 and 300 billion by 2030, if no action is taken,” the President said during a roundtable session of the summit.

He cited the example of Kenya’s Nationally Determined Contribution (NDC) targets which need Ksh.6,874 billion (US $62 billion), out of which 13 per cent will be mobilized internally while the remaining 87 per cent is expected to be funded through international support.

President Kenyatta emphasized that climate change is a present reality that needs to be addressed urgently if the world wants to avert a global catastrophe, noting that climate change particularly poses an existential threat to most African countries including Kenya.

He pointed out that many African nations including Kenya have suffered losses of three to five per cent of Gross Domestic Product as a result of the effects of extreme weather conditions.

“All the reports, including the most recent Intergovernmental Panel on Climate Change (IPCC) report, sound an alarm that the world risks facing a global catastrophe; unless, we, the leaders, shift gear on climate change and urgently implement bold mitigation and adaptation measures to avert the looming crisis,” President Kenyatta said.

While leaders agreed that the AU-EU partnership is necessary, African leaders called for equality in the Special Drawing Rights and a global governance “that is fair and that shows solidarity.”

The summit aims at strengthening the AU-EU strategic partnerships in trade and investment as well as other areas of cooperation including emerging global challenges like climate change, the Covid-19 pandemic, peace and security.

To help unlock African economies and make the AU-EU shared vision a reality, European Commission President Ursula von der Leyen said the EU had committed 150 billion Euros for Africa for the next seven years through the Global Gateway Project.

“If you want to go fast, go alone. If you want to go far, go together. Let’s embark on that journey together. Today’s summit is our first milestone. I cherish the vision of the two continents working hand in hand to improve the world we live in,” she said.

During the 5th AU-EU summit that was held in Abidjan, Cote d’Ivoire in 2017, leaders agreed to partner in four strategic areas including economic opportunities for the youth, peace and security, mobility and migration as well as cooperation on governance.

Earlier on Thursday, President Kenyatta held talks with International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the summit where they discussed matters of mutual interest to Kenya and the Bretton Woods institution.

The President appreciated the continued partnership with the IMF.