Africa is at the center of the ecological and climatic emergency, making it more crucial than ever to increase commitment to and investment in the green transition.

Business executives and industry stakeholders gathered at a side event co-organized by the Japan International Cooperation Agency (JICA), the United Nations Development Programme (UNDP), and the United Nations Industrial Development Organization (UNIDO) at the 2nd Japan-Africa Public-Private Economic Forum to discuss and present climate resilient and nature-based solutions. This was done against the backdrop of the sustainable recovery from VIC-19. The meeting followed the global commitment made at the 26th Conference of the Parties (COP26) in November 2021 and was in line with the tenets of the Government of Japan's growth plan.

Although Africa has a small carbon footprint, the repercussions of global climate change are most noticeable there. "The effort to restore the climate's harmony with environment is at a tipping point in history. But a concentrated effort will be needed to achieve this. In order to lessen societal damage and promote an equitable transition, the world has to create, develop, and execute sustainable development goals "the UNDP Resident Representative in South Africa and Director of the African Financial Sector Hub, Dr. Ayodele Odusola. This includes actions like switching from fossil fuels to renewable energy sources like solar, hydro, and wind power, enhancing agricultural methods, and restoring and protecting seas and forests, among others.

Given that Sub-Saharan Africa's built environment is anticipated to quadruple by 2050 as a result of rapid urbanization and population expansion, Mr. Shaninomi Eribo, the founder and CEO of GreenSquareMetre, emphasized the need of making the switch to "low carbon/green" structures (SSA). In his presentation, he highlighted the $768 billion investment opportunity in green buildings in SSA up to 2030, with Nigeria's housing deficit of 17 million units also presenting an investment opportunity of over $500 billion. He did this by citing the IFC's Climate Investment Opportunities Report. He asked for collaborations around alternative finance, green building technology, and appliances as a corporation leading efforts to mainstream the practice of green construction in Nigeria and sub-Saharan Africa.

Electric scooters, according to Mr. Hamza El Baroudi, co-founder of EMOB in Morocco, represent the future of lowering carbon emissions in African cities. In Morocco, where there are about 1.5 million fuel-powered scooters in use, the method of transportation is a major contributor to pollution. Through a collaboration with the local government authority and a foreign partner, Allianz, the local electromobility ecosystem has grown, facilitating easier access to electric scooters with financial help. By establishing strong local and international connections, we hope to use our electric scooters to help Morocco become a greener country. The business wants to spread the ecosystem throughout the continent.

Even as the globe battles to control inflation and address the cost of food and energy, the UN Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA) feels that climate investment is something we cannot wait.

At the beginning of the African Regional Forum on Climate Initiatives to Finance Climate Action and the Sustainable Development Goals, Vera Songwe made this statement (SDGs). The gathering is taking place in advance of COP 27, which will take place in the Egyptian resort of Sharm el-Sheikh from November 7 to 18, 2022.

In fact, she contends, prioritizing investments in Africa would provide the quickest returns and, as a result, might become the foundation of the world's economic recovery. Vera Songwe considers renewable energy to be Africa's most secure long-term prospect, but a just transition requires the continent to advance its baseload production capacity quickly. She adds that in many instances, this will have to be constructed using fuels like gas to make the transition easier.

Vera Songwe believes that in addition to developing climate investment, the community must also expand the African market for sustainable financing. She remembered that the ECA had established a liquidity and sustainability facility to help African nations gain better access to the market by raising the liquidity of their debt instruments, which in turn increased the demand from private investors for these securities. For development, she added, Africa will also need to make investments in both mitigation and adaptation. The most successful initiatives presented at this regional forum, according to the speaker, would help Africa adapt to climate change while fostering low-carbon growth and sustainable livelihoods.

The ECA Executive Secretary said that we also need to promote the connection between income mobilization and carbon reduction.

 

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