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Large investments expected at first Africa climate summit

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below

🗞️ Driving the news: The upcoming Africa Climate Summit is set to host deals ranging from $1 million to hundreds of millions, focusing on nature-based investments, clean energy, and climate adaptation
• This summit serves as a precursor to the COP28 U.N. climate summit later in the year

🔭 The context: African nations, severely affected by climate change through droughts, floods, and storms, seek effective countermeasures
• Recent deals like Portugal's debt swap with Cape Verde ($153 million) for nature investments and Gabon's eco-friendly bond initiative highlight a trend in nature-based solutions

🌎 Why does it matter for the planet: Africa's proactive approach not only tackles regional climatic challenges but also underscores the importance of global cooperation

⏭️ What's next: African nations aim to rally together at COP28, urging richer countries to fulfill financing commitments made during prior climate summits
• The yet-to-materialize loss and damage fund from COP27 remains a focal point

💬 One quote: "We are holding this summit not to continue repeating the same messages. We are holding this summit for Africa to present solutions to the challenges." (Ali Mohamed, Kenya's special envoy for climate change)

📈 One stat: More than 20,000 delegates from around the world, including over 20 African heads of state and the U.N chief, are expected at the Nairobi summit from Sept. 4-6

Click for more news covering the latest on climate change

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