A host of projects energy investments were announced at the summit, but the focus on carbon markets is proving contentious.

The three-day Africa Climate Summit concluded in Nairobi last night with a call for global investors to enable the continent to unleash its potential as a green energy powerhouse.

The Nairobi Declaration on Climate Change, adopted at the end of the summit, sets a target to increase Africa’s renewable energy generation capacity to 300 GW by 2030 – up from just 56 GW in 2022. This will require an estimated $600bn – a tenfold increase in current levels of investment.

“Unlocking Africa’s climate positive growth potential on a scale that can contribute meaningfully to decarbonisation of the global economy will require several multiples of the current development and investment finance flows,” the declaration reads.

Twenty African heads of state or government were present at the conference, along with UN secretary-general António Guterres, European Commission president Ursula von der Leyen and the US president’s special envoy for climate, John Kerry. The summit proved to be an opportunity to help frame the continent’s negotiating position ahead of COP28, which will be held in Dubai from 30 November to 12 December.