regional body of the United Nations the deputy executive secretary of the Economic Commission for Africa (ECA) hanan morsy has called for investment in climate-smart development for Africa to achieve economic transformation amid economic and environmental challenges.
“Climate-smart development in Africa is the only development model that will unlock the continent’s potential to achieve its development aspirations,” Morsy said at the opening of the 2022 African Economic Conference on December 9 in Balaclava, Mauritius.
The three-day conference is held under the theme “Supporting climate-smart development in Africa”.
Preface to his comments that African economies were facing crises in the form of the Covid-19 pandemic, geopolitical tensions sparked by the war in Ukraine and climate change, Morsy said Africa risked reversing progress in the achievement of some of the Sustainable Development Goals and the aspirations of Agenda 2063 of the African Union.
Noting that African countries were the most vulnerable to climate change and contributing the least to global greenhouse gas emissions, Morsy noted that Africa needs to close huge development gaps by investing substantially in key climate-vulnerable sectors such as energy, agriculture, transportation. , water and cities.
Research shows that the annual economic costs of extreme weather events in Africa are projected to be between $45 billion and $50 billion by 2040.
“The continent needs trillions of dollars to close huge development gaps,” Morsy noted, noting that Africa, for example, needs investments of up to $170 billion a year for infrastructure development.
Additionally, the Nationally Determined Contributions to Climate Action (NDCs) put forward by African countries would require close to $3 trillion to implement.
“African countries need support to translate their NDCs into bankable investment plans that can attract private sector financing,” Morsy said, stressing that countries need to address policy and regulatory barriers to enabling domestic renewable energy investments.
The ECA says it has supported member countries to achieve climate-smart development, through a series of projects such as facilitating just energy transition plans, improving the integration of climate resilience into budget processes, improving debt sustainability and develop carbon markets.
Official opening of the conference, Prime Minister of Mauritius Pravind Kumar Jugnauth warned that climate change was a threat to Africa’s socio-economic development and that small island developing States were particularly affected.
He cited the expected increase in observed climate change impacts in cyclones, droughts and floods that negatively affect people’s lives, livelihoods and national economies.
