Paris, France, December 7, 2015 (ClimDev-Africa) - More than ever, Africa needs to mobilize its investments, to stimulate sustainable development on the continent to increase its resilience. According to Andrew Norton, Director of the International Institute for Environment and Development (IIED), Africa needs to rely on the private sector to engage the continent on a path of sustainable, low carbon emissions.
Speaking at a parallel session themed: Climate change in Africa: financing sustainable pathways for development, Mr. Norton said it is now important for African governments to provide a favorable and reliable environment for investment. Furthermore, the proposed market and financing mechanisms should be suited to Africa's needs. He said that the less advanced countries "should be better targeted in order to better target funding."
According to Kurt Lonsway, Chief of the Division of Environmental and Climate Change, African Development Bank (AfDB), private sector investment in climate action is crucial for transformational impact. "That is why the African Development Bank and its partners are determined to promote investment, and improve the environment in order to strengthen the commitment of the African private sector," said Mr. Lonsway.
Lord Nicholas Stern of the Grantham Research Institute on Climate Change and the Environment said Africa needs to search for innovative financing.
He cited as an example, the case of Ethiopia and lauded its late leader, Prime Minister Meles Zenawi for his foresight in promoting research funding in infrastructural development. He also mentioned the BRICS and Asia, as sources from which Africa can obtain funding for its development.
Eric Postel Associate Administrator of USAID, the initiative of President Barack Obama titled Africa Power for example, has already attracted thousands of investors and 21 billion in investment pledges.
The African Climate Policy Centre organized the session to allow discussions on the different options available for African policy makers to adopt innovative funding strategies to accelerate sustainable and resilient growth.
The countries pledged to formulate, by the end of 2015, in Paris, a global agreement on climate change, which should take effect in 2020. This agreement, it is hoped, should be largely dedicated to ways to mobilize some US $ 100 billion per year to mitigate climate change and ways to adapt to its inevitable consequences.
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