The inaugural Africa Climate Summit (ACS23) held in Nairobi, hosted by the government of Kenya and the African Union, centered on the theme of “Driving green growth and climate finance solutions for Africa and the World.” The summit featured high-level global leaders, 20 heads of state, and 30,000 delegates, culminating in the ‘Nairobi Declaration.’ This declaration called on the global community to take action in reducing emissions and unlocked significant investments in clean energy, totaling $23 billion. Notable pledges include €12 million from the European Union for green hydrogen investment in Kenya and a $4.5 billion finance initiative for Africa’s clean energy by COP28 president-designate Sultan Al Jaber.
Facts/Terms for UPSC Prelims
- Green Growth: An economic approach that focuses on sustainable development and environmental preservation, emphasizing clean energy, conservation, and reducing ecological impact.
- Mitigation and Adaptation: Mitigation refers to actions aimed at reducing greenhouse gas emissions, while adaptation involves efforts to cope with and adjust to the effects of climate change.
- Carbon Credits: Units representing the reduction of greenhouse gas emissions that can be bought and sold in carbon markets, promoting emission reduction initiatives.
- Carbon Tax: A fee imposed on the carbon content of fossil fuels, intended to incentivize the reduction of carbon emissions and promote cleaner energy alternatives.
- Debt Relief: Measures to alleviate the financial burden of debt, including extending repayment periods and grace periods, typically aimed at developing countries facing debt challenges.