Legal & Regulatory News

Africa Climate Summit.

On 4 September 2023, the Africa Climate Summit (ACS) began – with over 10,000 in attendance.

Two of the significant takeaways from the ACS were: -

• the signing of the Nairobi Declaration; and
• the rising momentum behind a New Global Financing Pact.

The Nairobi Declaration (the Declaration) provides a joint stance of African nations, and calls for urgent action on reducing emissions and promoting equality. The Declaration recognises the risks that climate change poses, and the disproportionate effect it will have on the African continent. The Declaration is intended to provide Africa’s common stance heading into COP28.

The New Global Financial Pact is a call for the global mobilisation of finance to achieve both sustainability goals and poverty reduction. The ACS heard calls for the implementation of a global carbon taxation regime; carbon border adjustment mechanisms; and a global financial transactions tax as potential ways in which to generate revenue.

Click here to read about the ACS.

Click here to read the Declaration.

Click here to read about the New Global Financing Pact.