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Afreximbank Calls for Inclusive and Fair Energy Initiatives at Conference of the Parties (COP28)

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African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) recently concluded its participation at COP28 in Dubai, the United Arab Emirates, where the Bank reiterated its commitment to advancing the continent’s climate goals and sustainable development agenda. Against the backdrop of the official COP28 theme “Transforming climate finance, by delivering on old promises and setting the framework for a new deal on finance; Putting nature, people, lives, and livelihoods at the heart of climate action“, Afreximbank worked to build on the progress made at COP27 in Egypt and the African Climate Summit 2023 in Kenya.

At COP27, Afreximbank spearheaded calls for Africa to assert its needs, challenges, and outlook, and most significantly to drive the continent’s position on a just energy transition and sustainable development. Similarly, at COP28, Afreximbank’s position aligned with the broader agenda of the African Union on Climate Change and Africa’s development as outlined in the Nairobi 2023 declaration during the Africa Climate Summit 2023.

Professor Benedict Oramah, President and Chairman, Afreximbank, said, “Amidst the pressing climate challenges faced by Africa, Afreximbank continues to advocate for an inclusive and just energy transition for Africa, in collaboration with the African Union, member states and partners, that will forge a new, green industrialized economy, advance the continent’s climate goals and development through strategic initiatives and expediting of the AfCFTA implementation. This will serve as a catalyst for economic development and a resilient future for Africa. Led by its Executive Management, Afreximbank made substantial progress in critical areas.

At COP28, Afreximbank championed a robust pan-African narrative derived from the agreed Nairobi declaration at the inaugural African Climate Summit in Nairobi. Afreximbank supported interventions addressing the multidimensional impacts of climate change on the continent and promoting sustainable development in Africa. In line with the Paris Agreement emission reduction goals, Afreximbank showcased African leaders’ aspirations to reduce emissions while actively contributing to the implementation of innovative solutions designed to address the existing climate finance in the continent.

Aligned with the AU Agenda 2063, Afreximbank’s commitment to financing and supporting renewable energy projects was sounded at COP28.  Specific focus was given to interventions seeking to increase capital to support the optimisation of Africa’s vast renewable energy potential and other initiatives buttressing the development of sustainable energy systems that guarantee increased energy access for Africans as an important catalyst for economic development.

At COP28, Afreximbank, among other African institutions, was at the forefront of championing the AfCFTA, showcasing its ability to drive local industry growth and spearhead a continent-wide transition to net-zero emissions. The Bank prioritizes the mobilization of resources to foster collaborative efforts expediting AfCFTA implementation which will promote the localization of regional value chains, critical to reducing Africa’s carbon emissions.

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(Via APO Group)

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