Africa Doesn’t Need More Climate Pledges. It Needs Capital.

The first Africa Climate Summit, held in Nairobi in 2023, was a turning point. It lit the fuse to launch a collaborative, climate-resilient, and prosperous Africa. This week, as leaders gathered in Addis Ababa for the second Summit, the message was clear: the time for pledges is over. Capital, investment, and concrete actions are needed to unlock Africa’s green potential.

The landmark Summit in Kenya laid out the stakes: climate change threatens communities, economies, and investments across every sector and continent. But it also shifted the global narrative, positioning Africa not as a climate victim but as a driver of solutions. The Summit mobilised pledges and macro-economic commitments for climate-positive growth, showcasing the continent’s green advantage and its undeniable role in achieving global net-zero targets.

Positioned at a critical juncture on the road to COP30, this year’s Summit has set out clear actions for the interconnected climate and investment agendas. African leaders have agreed on a common set of benchmarks for cooperation with international partners, in light of the 7^th African Union – European Union Summit to be held in Luanda this November.

Since Nairobi, the world has faced deepening geopolitical and economic shifts, driving fragmentation and, at times, a misguided belief that minimising international collaboration is the best way to serve any single country’s strategic interests. We must continue to push back against this trend. Common challenges demand shared leadership. As the AU-EU partnership marks its 25^th anniversary, it must continue to act as both a stabilising force and a multiplier of progress for climate and development.

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We know the steps necessary to deliver against the promises of the first Africa Climate Summit. As Brazil’s COP30 President Designate, Ambassador André Corrêa do Lago stressed at the Financing for Development Conference in Seville this July, it’s time to move from negotiation to implementation.

Africa, a powerhouse for global climate solutions, holds vast strategic assets: 60% of the world’s best solar resources, 60% of remaining arable land, 40% of critical mineral reserves, a blue economy that currently generates $300 billion annually with the potential to exceed $1 trillion, a social fabric held together by strong women and their associations, and a projected youth population that will account for 40% of the world’s youth by 2030. These are not theoretical advantages but the foundations of a global green economy. That’s why Africa’s message is clear: we will collaborate to unlock the right type and scale of capital, and ensure market access so climate action is undertaken where it makes most sense.

For too long, inefficient global processes have stood in the way of Africa realising its full green potential. Access to affordable finance is constrained by outdated eligibility rules, high capital costs, and debt burdens that punish climate-vulnerable nations. This needs to be reversed to secure the reforms needed to unlock Africa’s natural advantages and accelerate a just, climate-positive growth model.

Three priorities stand out.

First, strengthen African agency. This means ensuring the continent shapes the rules that affect its future by having a seat at the table when decisions are made on trade standards and green industrial policies. It also means mobilising more domestic capital and designing country-led investment plans that reflect local priorities. Community leadership is catalytic in developing and scaling climate solutions to leverage traditional knowledge and empower networks of women and youth as champions. Too many projects are stalled by capacity gaps, high borrowing costs, currency risks, and regulatory bottlenecks. Fixing these barriers is foundational to securing finance and translating it to impact.

Second, build coalitions that deliver. Africa’s growth depends on partnerships that go beyond words. Stronger industrial ties between African and European economies will be central. To succeed, governments, development banks, and financial institutions must move beyond statements and design the tools – from guarantees to blended finance – that unlock real investment. System-level shifts will also be critical: phasing out fossil fuel subsidies, addressing non-tariff barriers, and ensuring heavy emitters contribute their fair share through solidarity levies.

Third, reform global finance. Africa cannot achieve its green transition while trapped in an outdated system that punishes vulnerable nations. Eligibility for concessional finance must reflect climate vulnerability, not just income status. Changes to IMF quotas and World Bank voting power must give African countries a real voice. And debt treatment must improve, suspending payments when shocks hit, and integrating climate resilience into debt sustainability assessments. Without these reforms, Africa will remain locked out of the capital it needs.