Africa deserves the best precedence consideration on the United Nations local weather convention, COP 27 to be held in November this yr, panel members discussing the African Growth Financial institution’s African Financial Outlook 2022 in an occasion hosted by the Atlantic Council, stated on Wednesday.
A staff from the African Growth Financial institution Group, led by Appearing Chief Economist and Vice President Kevin Urama, is in Washington D.C. to current the African Financial Outlook 2022, a flagship publication of the Financial institution, to worldwide thought leaders and different focused our bodies. Underneath the theme, Supporting Local weather Resilience and a Simply Vitality Transition in Africa, this yr’s report highlights local weather change as a rising menace to lives and livelihoods in Africa.
In a video message throughout one of many periods, president and Chief Govt Officer of Bezos Earth Fund, Andrew Steer, urged African and world leaders to assume bolder and work extra creatively collectively as they put together for COP 27, which is able to happen in Egypt.
Steer, a former World Financial institution Particular Envoy for Local weather Change believes that COP 27 offers the world an unimaginable alternative to assume huge about Africa. “We have to make it Africa’s COP. So, what the African Growth Financial institution and the Atlantic Council are attempting to do to lift consciousness is exceedingly essential.”
He described the 2022 African Financial Outlook as ‘a wonderful report.’ “It lays out superbly this sobering time for Africa specifically, however really for the entire world – a slowing world financial system, the proper storm of rising meals costs and vitality costs, rates of interest, and stunning will increase within the affect of local weather change and inexperienced vulnerability at a time that worldwide sources will not be what they should be.”
In a presentation on the report, Appearing Chief Economist Urama referred to as for coverage coordination and a extra holistic method to tackling local weather change.
“Now we have been shedding 5% to fifteen% of GDP per capita development in Africa due to local weather change, and that’s along with different points that local weather change is driving on the continent,” Urama stated. “Amid these difficulties lie alternatives for innovation. Let’s assume huge, act huge, and save the planet.”
“As we put together for COP 27, honoring the 2009 $100 billion yearly local weather finance dedication that high-income international locations promised to growing international locations will assist to revive confidence that we’re critical about local weather change, though it’s not sufficient.”
Deputy Assistant Administrator for Africa at the USA Company for Worldwide Growth (USAID), Tyler Beckelman, stated the African Financial Outlook “cogently and convincingly captures the very actual and pressing challenges to realizing a simply vitality transition in Africa.”
“Make no mistake- the disaster is already right here,” Beckelman cautioned. “4 failed wet seasons within the Horn of Africa- with a fifth prone to happen this summer- is a direct results of a warming local weather, and sadly, it could change into the norm.”
He stated the USA would be sure that its African companions have the power and sources to develop the inspiration for a sustainable and low-carbon financial system that gives ample vitality for development.
He added: “Whereas the challenges are huge, we see loads of causes to be optimistic. Sustained investments in adaptation and mitigation, by means of renewable vitality and climate-smart land use practices, will assist present a pathway for African international locations to develop modern methods, constructing a extra simply and equitable future for individuals throughout the continent.”
Senior Director of the Atlantic Council, Africa Centre, Rama Yade, noticed that it has change into extra essential to take a look at Africa and local weather change.
The occasion featured a panel dialogue on the report, comprising Anthony Simpasa, Appearing Supervisor of the African Growth Financial institution’s Macroeconomic Coverage, Debt Sustainability and Forecasting Division; Ayaan Adam, Senior Director and CEO of AFC Capital Companions on the Africa Finance Company; Jeffrey Krilla, Vice President for World Public Coverage and Authorities Affairs, Kosmos Vitality; and Queen Quinn, Founding Associate at Kupanda Capital.
The African Financial Outlook report 2022 gives evidence-based coverage choices for driving inclusive development by constructing local weather resilience and a simply vitality transition in Africa.
The occasion was a chance to appraise coverage stakeholders in Washington DC on the important thing findings of the report in addition to focus on priorities and actionable suggestions within the preparation and run-up to COP27.