Africa Climate Summit concluded with a call for a new financing architecture that is responsive to Africa's needs including debt restructuring and relief, as frustration mounts over the high cost of financing on the continent. ALSO READ: Africa faces climate crisis, seeks lower interest rates on debt The continent decided that this declaration would serve as a strong contribution from the African continent to the global climate change process during the UN 28th Climate Change Conference (COP 28) to take place in Dubai, UAE from November 30 to December 12. The continent’s leaders decided to establish the Africa Climate Summit as a biennial event convened by the African Union and hosted by AU Member States, to set the continent’s new vision taking into consideration emerging global climate and development issues. ALSO READ: Africa should be key player in search for global climate solutions “We urge world leaders to rally behind the proposal for a global carbon taxation regime including a carbon tax on fossil fuel trade, maritime transport and aviation, that may also be augmented by a global financial transaction tax (FTT)) to provide dedicated, affordable, and accessible finance for climate-positive investments at scale,” reads part of the declaration. ALSO READ: African leaders want easier access to climate finance It reiterated the decision of COP27 that a global transformation to a low-carbon economy is expected to require investment of at least USD 4–6 trillion per year and delivering such funding in turn requires a transformation of the financial system and its structures and processes, engaging governments, central banks, commercial banks, institutional investors and other financial actors. Africa is committed to supporting smallholder farmers, indigenous peoples, and local communities in the green economic transition given their key role in ecosystem stewardship. The commitments also include strengthening actions to halt and reverse biodiversity loss, deforestation, and desertification, as well as to restore degraded lands to achieve land degradation neutrality as well as redoubling our efforts to boost agricultural yields through sustainable agricultural practices, to enhance food security while minimizing negative environmental impacts. Providing all the necessary reforms and support required to raise the share of renewable energy financing to at least 20 percent by 2030, promoting investments in urban infrastructure including through upgrading informal settlements and slum areas to build climate-resilient cities and urban centres, strengthening early warning systems as well as, enhancing drought resilience systems are among the commitments. The declaration called for the operationalization of the Loss and Damage fund to compensate poor countries affected by climate change as agreed at COP27 and resolved for a measurable Global Goal on Adaptation (GGA) with indicators and targets to enable assessment of progress against negative impacts of climate change. Economists’ reactions Fadhel Kaboub, an African economist commented: “While external debt is a serious problem that limits our economic and monetary sovereignty and reduces the fiscal policy space to act on climate and to invest in national priorities, it is important to recognize that external debt is a symptom of much deeper structural deficiencies: food deficits, energy deficits, and low value-added manufacturing.” He reiterated that there were false solutions proposed in the Nairobi declaration like carbon markets, which simply amount to cheap pollution permits for Global North historic polluters who can pass on the cost of the permits to their customers, displace farmers and indigenous communities, enrich speculators and middlemen, and continue polluting while offering crumbs as climate finance. ‘Africa is owed a climate debt by the historic polluters. Climate reparations must be delivered in the form of debt cancellation (not debt restructuring), transfer of technology, grants (not loans) for adaptation and economic resilience, and transformation of the global trade, finance, and investment architecture,” he noted.