The year 2023 has so far not been a good one for Africa. Conflict has erupted in Sudan, deepened in the Democratic Republic of Congo and spread southward from the Sahel.
Extreme weather, often attributed to climate change, has triggered devastating droughts and floods in places like Kenya and South Sudan, deepening poverty. Many African economies are struggling under massive debt.
"This fundamentally for me is how we are going get a lot of capital going into Africa," he added,"by the greening of African economies, by the proper valuation of carbon" that contributes to rising emissions but can also be stored and sequestered in areas rich in land and forests. For Adesina, the summit, hosted by French President Emmanuel Macron, led to"a new sense of commitment, a sense of urgency of the need to move forward."
Africa alone will need $2.7 trillion to tackle climate change between now and 2030, he noted. Yet it gets only a fraction of global financing to cope with a climate crisis for which it is largely not responsible. China, in particular, is a top lender and Africa's biggest trading partner. Critics, including Washington, have slammed Beijing for fostering debt traps -- locking in loans for political leverage -- which Beijing strongly denies.
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