Prime Minister, Mostafa Madbouly, participated in the Africa Climate Summit, hosted by the Kenyan capital, Nairobi, through the session entitled ‘New Global Climate Finance Architecture’ held on September 5th.

Madbouly stated that there is no doubt that climate finance is the fundamental pillar that enables us to achieve climate goals and national pledges, especially for our African continent.

The prime minister indicated, in this context, that this does not mean in any way retreating from the implementation of ambitious and nationally determined pledges, but rather dealing with financing as a catalyst and a major enabling factor to complement national resources with the clear goal of rapid and effective implementation.

Madbouly explained that the volume of investments required in renewable energy alone amounts to nearly $1 trillion annually, and similarly, the volume of international financing required to achieve carbon neutrality amounts to about $4 trillion annually.

The prime minister pointed out that these are international estimates of the amount of funding needed to be provided and mobilized to implement the scientific recommendations to maintain the implementation of the 1.5°C target.