NAIROBI, Oct. 12 (Xinhua) -- Greater focus on domestic resources as opposed to dwindling overseas support is key to sustain financing of climate resilience projects in Africa, campaigners said on Thursday evening during a pan-African climate forum taking place in Nairobi.
The green advocates noted that geopolitical tremors that have triggered uncertainties in the multilateral climate financing regime are a wake-up call for African countries to explore new sources of funding within their borders.
Muawia Shaddad, head of Sudanese Environmental Conservation Society, said that African countries should enact robust policy and legislative frameworks to bridge climate financing gaps through domestic resource mobilization.
"Over dependence on foreign donors to finance climate change programs here in Africa is no longer tenable and we have no choice but to look for resources internally. It is doable given the level of economic vitality in the continent," Shaddad said.
Kenya hosted the seventh Climate Change and Development in Africa (CCDA-VII) conference that discussed viable options to boost resilience of the continent's economies against a backdrop of disruptions caused by global warming.
Hundreds of delegates in attendance who included policymakers, scholars and grassroots campaigners agreed that Africa must focus on home-grown initiatives to boost climate financing as support from traditional donors slump.
Robert Chimambo, leader of a Zambian small-holder farmers' coalition, proposed higher taxation on fossil fuels and mineral wealth that is abundant in Africa to help finance climate change adaptation and mitigation.
"Part of revenue generated from mining activities and exploitation of fossil fuels should be channeled towards community based resilience projects like reforestation, water management and climate smart agro-pastoralism," said Chimambo.
African countries should strengthen public private partnership to boost financing in climate resilience projects that accelerate low carbon growth while generating new jobs for the youthful population.
James Kinyangi, the chief climate policy officer at African Development Bank (AfDB), said that policy and regulatory incentives are key to encourage indigenous firms invest in green projects.
"Governments should encourage listed firms to invest in projects that promise a green and sustainable future for everyone," said Kinyangi adding that a stable macro-economic environment is key to sustain climate financing in Africa.