NAIROBI, (The Southern African Times) – African countries should leverage domestic financing options in order to hasten their transition to green and resilient economic development in the face of dwindling external support, experts said at a virtual forum in Nairobi, the Kenyan capital, Monday.
Jean-Paul Adam, the director for Technology, Climate Change and Natural Resources Management at the UN Economic Commission for Africa (UNECA), stressed the need for the continent to mobilize resources internally in its quest for green growth.
“Climate financing which is a critical pillar of Africa’s resilient growth should be pegged on resources that are mobilized internally as pledges made by major economies take longer to come through,” said Adam.
He said the 27th Conference of Parties to the UN Framework Convention on Climate Change (COP27) slated for Egypt in November presents an opportunity for Africa to take a common stand on revitalizing climate finance.
According to him, African countries are expected to lose an average of 5 percent of their gross domestic product (GDP) to climatic shocks, adding that proactive funding interventions are urgently required to halt further economic losses.
He noted that African countries are spending up to 9 percent of their GDP to respond to climate-related disasters, even as they grapple with other aftershocks like resource-based conflicts and the spread of lethal pathogens.
Adam emphasized that investments in climate-smart agriculture and ecosystem restoration alone will shield African countries from climatic stresses besides sustaining their growth and prosperity.
Jacqueline Musiitwa, the senior associate at ZeniZeni Sustainable Finance, an Africa-focused advisory firm, said that investing in a climate-resilient future is key to achieving shared prosperity, stability and cohesion in the continent.
Musiitwa said that robust climate financing, technology transfer, capacity building and awareness creation were key to attaining carbon neutrality in the continent, cushioning economies and livelihoods from shocks.
Tasneem Essop, the executive director of Climate Action Network International, a coalition of international green lobby groups, said that African countries should come up with alternative financing tools to boost their adaptive capacity to climate emergencies.
