The United Kingdom has declared a landmark investment of £49 million in climate change projects across Africa, according to an official statement released by Ndidiamaka Eze, Senior Press and Public Affairs Officer of the Foreign Commonwealth and Development Office.
The announcement of this substantial funding commitment is set to take place at the inaugural Africa Climate Summit, hosted by Kenya from September 4 to September 6. The projects are geared towards mobilizing financial resources for climate action and assisting communities in managing the adverse impacts of climate change on the continent.
Eze emphasized that the mobilization of finance and effective climate change management are critical aspects of Africa’s ongoing battle against climate change. The funding is expected to yield multiple benefits, including job creation, economic growth, and the enhancement of the lives of women, farmers, and vulnerable communities.
This substantial commitment by the UK government fulfills a promise made by UK Foreign Secretary James Cleverley during his visit to Kenya in December 2022 to provide honest and reliable investments in Africa. Moreover, it underscores the UK’s commitment to its COP26 commitments and showcases the robust partnership between the UK and Africa.
The £49 million investment package includes £34 million allocated to support new initiatives spanning 15 African countries. These projects aim to empower women, at-risk communities, and over 400,000 farmers to build resilience against climate change impacts. The support will be channeled through established programs such as CLARE, CIWA, and WISER, and will include the implementation of early warning systems utilizing text alerts, radio broadcasts, and social networks to assist remote communities in responding to extreme climate events.
In addition to this, seven new climate finance projects will be launched at the Africa Climate Summit, with investments amounting to £15 million from UK-backed FSD Africa Investments. This capital infusion will stimulate private sector participation and enable small-scale businesses to access financing, innovate new products, and introduce inclusive technological solutions, including transforming desert areas into arable land.
Collectively, these projects will enhance access to essential services, including renewable energy and healthcare, for more than half a million people, generating 3,400 jobs and delivering affordable and reliable power to households.
UK Minister for Development and Africa, Andrew Mitchell, expressed, “Our partnerships with African countries on green investment and climate resilience are growing economies and improving lives. But more action has to be taken, as those least responsible for climate change are increasingly bearing the brunt of its effects. The UK is working closely with African partners to fight climate change, boost resilience, and help those whose lives are most impacted.”
During his visit to Nairobi, Minister Mitchell is expected to reaffirm the UK’s commitment to providing £11.6 billion of international climate finance over five years and advocate for swift reform of the international financial system to unlock trillions of dollars for combating climate change.
Furthermore, the minister will welcome the launch of “Weza Power,” a new partnership between the Government of Burundi and UK-backed company Virunga Power. This initiative aims to extend energy access to nearly 70 percent of Burundi’s population.
Eze added that the minister’s agenda includes a visit to Nairobi Railway City, a city center redevelopment project designed by British architects incorporating the latest green technology and backed by KES 11.5 billion of UK investment. This project is one of six climate investment initiatives that have been expedited following the COP27 meeting, with construction already underway and groundbreaking at a second project.
The UK’s substantial investment in African climate change initiatives demonstrates a firm commitment to addressing one of the world’s most pressing challenges while fostering economic growth and resilience across the continent.
Photo Source: Google
4th September ,2023
By: Delino Gayweh
Serrari Financial Analyst
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
