1.🚁 Heli view: Africa must stick to its guns on climate funding

African leaders presented their newly-minted green agenda on the global stage in New York in the past week. But the reception was underwhelming. What now?

• Is the continent on the wrong track… and if so, what’s the alternative?

Presentation: It was a perfect charm offensive. African leaders at the UN General Assembly showed eloquence and resolve to shift global climate action.

• They plugged the recently agreed Nairobi Declaration – in perfect unison.

• Past talk of victimhood was replaced with a focus on economic opportunity.

• African resources shone as key for the planet’s climate (forests, minerals, etc).

Beyond generalities: African leaders also made clear the Global North should invest on the continent for climate action to benefit the whole planet. That includes:

• New, expanded for-profit funding

• Changes in global debt structures

• Taxation of the biggest emitters

The reaction: Nobody thought this would be easy. But the response was more disappointing than expected.

• Replenishment pledges for the Green Climate Fund fell short of promises (see chart above - note US, France and Japan).

• Observers see little chance of much movement before COP 28.

The background: Africa’s bumpy week has much to do with politics in far-off places.

• The US Congress is deadlocked on funding, including for Africa.

• EU countries are scaling back domestic commitments (UK & Germany).

• Wary of much-debated debt restructuring, investors fled Kenya's eurobonds.

What matters: Despite setbacks, African leaders are building on strong momentum. That should give them confidence to stick with their course.

• In New York, they featured prominently and as equal partners.

• Quietly and otherwise, they are creating all the right alliances.

• The new World Bank president has been highly supportive.

• Embracing the popular Bridgetown Initiative will yield benefits.

• The White House remains engaged, regardless of Congress.

In sum: The foundation for climate-related financial reforms have been laid. This should result in more funding for climate-positive growth in Africa, eventually.

• US Treasury Secretary Janet Yellen embraced the linkages between climate change, investment and food security.

• President Joe Biden still seeks Congress approval for at least $25 billion in new World Bank financing.

2. Climate ventures raising more than $200m

Major investors have long complained that it's hard to deploy capital in Africa's green economy because the ticket sizes are small. But that may be changing.