The UN Environment Programme has described Africa as the most vulnerable region in the world to climate change. Despite only being responsible for 3% of global emissions, the continent has been battered by extreme weather events, including droughts, cyclones, wildfires, and sandstorms. One in three people across Africa faces water scarcity. The continent’s agricultural sector, which represents a significant share of African countries’ GDP and employment, is highly exposed to climate change.

Yet far from being purely a victim of climate impacts, the continent is also well-positioned to lead in the global fight against climate change. The inaugural Africa Climate Summit—which was the centerpiece of Africa Climate Week—sought to shift the narrative away from framing Africa as a victim. Instead, it offered a glimpse of Africa’s future promise as a leader in the climate space.

Africa’s Potential as a “Green Industrial Hub”

Oluyemi Oluleke Osinbajo, former Vice President of Nigeria, summarized Africa’s potential by pointing to “its untapped renewable energy potential, the world’s youngest and fastest growing workforce, and critical minerals and resources.” He added that the continent possesses “the fundamentals to become a cost-competitive green industrial hub, greening both African and global consumption and removing carbon from the air.”

Yet challenges to realizing Africa’s promise remain. For instance, the continent holds 60% of global solar resource potential, but only 1% of solar PV is necessary to translate these resources into energy. This is particularly disconcerting in light of another statistic: 600 million people on the continent currently do not have access to electricity.

Africa also possesses 40% of the world’s critical minerals—including cobalt, manganese, and platinum—which are necessary for batteries and hydrogen technologies. Kenyan President and summit host William Ruto urged the international community to invest in Africa’s green energy potential while the continent continues on its own path to industrialization.

It is worth noting that Africa’s forests and farm woodlands account for massive amounts of planetary carbon, currently capturing more carbon than the Amazon rainforest. While carbon offset trades with some of the world’s top carbon emitters have attracted criticism, including accusations of inequality or even worthlessness, the existing carbon market has already begun to stimulate economic growth and conservation efforts in several African nations.

Climate Finance Takes Center Stage

The summit’s main focus was on one key ingredient missing from Africa’s immense potential in the green transition: financing.

While the international community promised the continent $100 billion in annual aid 14 years ago, these commitments have not materialized in full. To help bridge the growing gap in funding, a sum of $23 billion to be committed “for green growth, mitigation and adaptation efforts” was announced at the summit. Yet leaders warned that sustainable and meaningful financing needed to happen now. Without greater investment, experts estimate that the continent could face a funding gap of more than $450 billion within this decade.

To accelerate climate finance for the continent, African leaders at the conference unanimously agreed to the “Nairobi Declaration”—a proposal for a global carbon tax and reforms to international financial institutions to help fund climate change action in Africa. The declaration aimed to provide Africa with a united front going into the COP28 summit later this year.

Expanding the Focus: Demographic Trends and Peacebuilding

Africa’s population of 1.3 billion is projected to grow to 3 billion by 2060, representing the largest population boom worldwide and holding immense potential in the green energy transition. Today, 70% of the African population is under the age of 30, making it the youngest continent. This growing youth population will not only contribute to the global workforce but may enhance innovative solutions in green energy. Yet despite the changing population’s potential for innovation, economic growth, and the green energy transition, neither demography nor youth were featured in reports from the summit.

The event also did not provide an explicit focus on conflict-sensitive funding. Fragile and conflict-affected countries globally suffer disproportionately from climate hazards, but in Africa, these countries receive only one-third of the financing of countries not affected by conflict. The implications for contemporary Africa’s politics and economy are clear. Climate change can also be a “conflict multiplier” in places already under strain, such as politically unstable states, which aren’t as able to prepare for (or cope with) climate hazards.

For instance, in East Africa and the Sahel, where there has been a history of violence and widespread poverty and livelihoods are weather-dependent, climate stressors are contributing to heightened conflict risks. Niger, Sudan, and Gabon, which are all experiencing political turmoil, were notably not present at the summit.

The inaugural Africa Climate Summit represented a step forward in the area of climate financing. This was particularly clear in its focus on Africa’s renewable resource potential, which will likely be key in the conversation moving forward. The G20, for example, pledged to focus its renewable energy capacity on developing countries, especially in Africa. And as the world looks to the COP28 negotiations in Dubai, which kick off on November 30, the Nairobi Declaration and Africa’s position on mobilizing financing are sure to shape the conversation.