Africa Climate Forum: Stakeholders agree on collaborative efforts towards energy financing
The recommendations of the first Africa Climate Forum, ACF, were made public days after the forum ended in the Federal Capital Territory, Abuja, Federal Republic of Nigeria.
Stakeholders drawn from public, private, and legislative sectors gathered on October 10-11, 2023 to brainstorm on the way forward for a smooth financing of energy transition for sustainable progress.
On day one, guests took rounds to discuss the challenges and prospects in their sectors and proposed ways to strengthen efforts for sustainable energy financingÂ
On the final day, the experts, members of government, elected officials, businessmen, diplomats, and other participants agreed on sourcing innovative financing mechanisms for renewable energy projects, green bonds, and sustainable finance instruments. They also said to attract private investments, the Public policy and regulatory frameworks will need to be reviewed and made flexible. Multilateral organizations were also seen as potential contributors to the energy transition process.
Stakeholders also emphasized the role of technology and digitalization in optimizing energy investment, decentralized and community-driven financing models, and above all, they agreed that they would learn from other countries with key objectives, “To draw insights from countries like South
Africa, China, and India, which have successfully integrated climate justice into their transition plans. By learning from these experiences, Nigeria can adapt effective strategies for its own context…Emphasize the importance of internal steps regarding climate finance and intellectual property management. Learning from examples like India’s investment in climate finance, Nigeria should prioritize patents in its energy transition strategy,” a statement read.
The ACF was organized by the Global Centre for Law, Business and Economy Home – GCLBE – Global Centre For Law, Business and Economy (GCLBE)
