--- title: Leaders at Africa Climate Summit Call for a Climate Finance System Rethink description: Breaking news and analysis from time.com. Politics, world news, photos, video, tech reviews, health, science, and entertainment news. canonical: https://time.com/collections/africa-climate-summit-2/7314218/africa-climate-summit-finance-2025/ article:content_tier: free article:published_time: 2025-09-10T18:42:24.000Z article:modified_time: 2026-03-03T00:54:20.095Z article:section: Climate og:title: Africa Climate Summit Calls for Climate Finance Rethink og:description: “The current financial system is… risk averse, and it’s misaligned with Africa's priorities." og:url: https://time.com/collections/africa-climate-summit-2/7314218/africa-climate-summit-finance-2025/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt7256a33947bf9fd9/6998c9b266d4e3803fcbcd03/africa-climate-summit-2025-climate-finance.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 1200 og:image:height: 675 og:image:alt: Africa Climate Summit Calls for Climate Finance Rethink og:type: article twitter:card: summary_large_image twitter:title: Africa Climate Summit Calls for Climate Finance Rethink twitter:description: “The current financial system is… risk averse, and it’s misaligned with Africa's priorities." twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt7256a33947bf9fd9/6998c9b266d4e3803fcbcd03/africa-climate-summit-2025-climate-finance.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 --- Sep 10, 2025 # Leaders at Africa Climate Summit Call for a Climate Finance System Rethink > Sponsored content. 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Terms and conditions apply. * Savings buckets are a feature of Ally Bank's Savings Account. * No ATM fees from Ally Bank at Allpoint and Moneypass ATMs plus we reimburse for fees charged by other ATM owners nationwide up to $10 per statement cycle. * Early direct deposit offers eligible direct deposits up to two days sooner. * Spending buckets are a feature of Ally Bank's Spending Account. by [Simmone Shah](https://time.com/author/simmone-shah/) ## Simmone Shah Reporter  Leaders at the Second Africa Climate Summit stressed unity ahead of COP30. Leaders at the Second Africa Climate Summit stressed unity ahead of COP30.Getty Images The final day of the Second Africa Climate Summit focused on climate finance and African-led solutions as the continent’s leaders look to present a unified voice ahead of COP30 negotiations in Bélem, Brazil in November. During a conversation on Africa’s climate finance demands ahead of COP30, panelists discussed the strategy and messages the continent should present at the convention. Panelists stressed that Africa should work to “keep the momentum” seen over the last few years. The creation of the Loss and Damage Fund, which aims to provide financial support to developing countries most vulnerable to the impacts of climate change, was a major victory for developing countries during COP27 in 2022, while the following annual COP28 and COP29 saw countries around the world make financial pledges to the fund. Richard Sherman, co-chair for the Fund for Responding to Loss and Damage noted that funding priorities have changed in much of the global north. He urged countries to be upfront about their funding capacities. “A key message that must come…to the developed economy countries, do what you say you will do,” he said. “And if you do not do that, and you cannot do it, then say so.” In a panel on reforming global climate finance to serve African priorities, panelists spoke about the urgency of moving from a system driven by donor priorities into one that addresses the needs of those impacted. As more communities around the world face the impact of climate change, financing is only becoming more critical. But our current global financial system is struggling to rise to the challenge, said Hans Olav Ibrekk, special envoy for climate and security with the Norwegian Ministry of Foreign Affairs. “The current financial system is… not fit for the purpose,” he said. “It's fragmented, it's slow, it's risk averse, and it’s misaligned with Africa's priorities, and misaligned with many developing countries’ priorities at large.” Adaptation solutions, which are crucial to reducing a community’s vulnerability to climate change remain underfunded—though the issue could not be more pressing. The problem lies in a lack of urgency, said Jacob Thoppil, head of partnerships at the Climate Investment Funds: “There needs to be an acceptance that we are in a climate crisis.” The summit concluded with a closing plenary, during which Taye Atske Selassie, President of Ethiopia, shared his hopes that Africa will be “not just at the table, but setting the global agenda as a continent that is greener, prosperous, and more united.” The momentum shown throughout the days, from financial contributions to conversations that centered climate solutions made by and for Africa, proved that the continent is moving in that direction. “Africa’s future is in Africa’s hands,” said Selassie. “And we are building it now.” _Coverage of the Second Africa Climate Summit is presented by the Pan Africa Climate Justice_ _Alliance_ _._ ```json [{"@context":"https://schema.org","@type":"Article","@id":"https://time.com/collections/africa-climate-summit-2/7314218/africa-climate-summit-finance-2025/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/collections/africa-climate-summit-2/7314218/africa-climate-summit-finance-2025/"},"headline":"Africa Climate Summit Calls for Climate Finance Rethink","datePublished":"2025-09-10T18:42:24.000Z","dateModified":"2026-03-03T00:54:20.095Z","description":"","url":"https://time.com/collections/africa-climate-summit-2/7314218/africa-climate-summit-finance-2025/","keywords":["finance","climate change","sponsorshipblock"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt7256a33947bf9fd9/6998c9b266d4e3803fcbcd03/africa-climate-summit-2025-climate-finance.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Simmone Shah","jobTitle":"Reporter","url":"https://time.com/author/simmone-shah/"}],"creator":"Simmone Shah","articleSection":"Climate","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt7256a33947bf9fd9/6998c9b266d4e3803fcbcd03/africa-climate-summit-2025-climate-finance.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/climate/","name":"Climate"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/finance/","name":"finance"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/collections/africa-climate-summit-2/7314218/africa-climate-summit-finance-2025/","name":"Africa Climate Summit Calls for Climate Finance Rethink"}}]}] ```