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Thursday, July 18, 2024

AfDB reports on Africa’s climate finance needs for COP28

As the world gears up for the 28th United Nations Conference on Climate Change (COP28) in Dubai, the African Development Bank Group has taken a significant step by launching a series of comprehensive Country Focus Reports.

AfDB, in a statement signed by its Head, Communications and External Relations Department, Emeka Anuforo, said the reports are designed to provide African policy makers with valuable insights into climate finance and green growth ahead of this pivotal global converge.

The release further noted that the AfDB aims to equip African nations with data-driven analysis and policy recommendations that will empower them to engage actively in the COP28 discussions holding in Dubai from November 30th to December 12th with the theme: “Mobilising Private Sector Finance for Climate and Green Growth in Africa.”

The CFRs will also offer a deep dive into the macroeconomic performance and outlook of each African country with the intent of shedding light on strategies for mobilizing private sector and natural capital finance, serving as essential tools for enhancing climate resilient and green growth policies on the continent.

Chief Economist and Vice President, AfDB, Prof Kevin Urama also emphasized that the practical utility of the reports are for them to aid in formulating “sound, practical and implementable policies” for boosting private sector funding for climate change and green growth.

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He also highlighted the significance of the reports to include providing independent, verified analysis and recommendations to guide African countries’ evidence-based negotiations during the global climate finance conversations at COP28.

AfDB statement also shows that the CFRs are packed with a range of short, medium and long-term policy recommendations aimed at accelerating economic growth in African nations while bolstering their resilience against shocks, and as well offer governments and potential investors access to up-to-date, accurate data, enabling them to make informed policy and sustainable green growth across the continent.

Recognizing the profound threat posed by climate change to Africa’s inclusive growth and sustainable development, this year’s CFRs are committed to exploring opportunities for tapping into private sector resources and natural capital to bridge the climate finance gap, which will also in turn, contribute to fostering inclusive, robust and green growth across the continent.

Acting Director, Country Economics, AfDB, Ferdinand Bakoup, also underscored how the CFRs build upon the earlier African Economic Outlook 2023 and subsequent Regional Economic Outlook, both launched in May and July respectively. He noted that the CFRs’ in-depth country-level analysis and policy recommendations will shape future projects and programmes in African countries.

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Prof Urama, while acknowledging compound challenges faced by African economies in recent years including the COVID-19 pandemic, climate change impacts, global conflicts, financial market volatility and rising debt vulnerabilities, added to the necessity of expanding private sector in green growth markets.

Urama also said” This involves strengthening the capacity for developing long-term green growth strategies, enacting supportive regulations and incentivizing project preparation and development in addition to emphasizing the need for more robust capital markets to facilitate easy entry and exit for domestic and global investors, alongside an increased use of blended finance and de-risking facilities.

He said that conclusively, the launch of the CFRs by AfDB signifies a crucial step in the continent’s journey towards sustainable green growth and resilience against climate change saying that the reports would not only empower African nations with data-driven insights, but to also serve as essential tools for forging a path towards a greener, more prosperi=ous future for the continent.

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