Africa Climate Summit Calls for Global Carbon Tax

After three days of deliberations at the Africa Climate Summit (#ACS2023) in Kenya from 4 to 6 September 2023, African leaders issued the Nairobi Declaration calling for a Carbon Tax on fossil fuels to finance #ClimateAction. This proposal is in line with the fundamental ‘polluter pays principle’ and is aimed at incentivizing the #GreenTransition.

Currently, Africa accounts for only 4% of global emissions at 1.5 billion tCO2 annually but some of its member states are facing the direst consequences of #ClimateChange. In particular, some countries are experiencing extremely severe droughts causing an issue for #FoodSecurity while Small Island Developing States (#SIDS) even run the risk of disappearing under rising sea levels if nothing is done to rein in #GlobalWarming.

Africans are extremely disappointed that the pledge for USD 100 billion earmarked for #ClimateAction made 14 years ago has yet to materialize. The African leaders thus pushed for profound reforms of the global financial system because African nations can no longer bear the high-cost financing due to their artificially poor credit rating. As a silver lining to the dark cloud, another pledge for USD 23 billion has been made to fight #ClimateChange during this Summit.

#Decarbonization is an opportunity to contribute to equality and shared prosperity. Given that Africa holds reserves of most of the #CriticalMinerals for the global drive towards #EV, the trend thus presents a unique chance for Africa to climb up the #GlobalValueChain while contributing to significantly curtail emissions. Unanimously, the Summit participants are of the opinion that no country should ever have to choose between development and climate action.

The Africa Climate Summit (ACS) is part of the preparatory meetings in the African region in the run up toward the #UN #COP28 which is scheduled to be held in Dubai in December 2023.