BUSINESS REPORTER
Africa deserves priority attention at the United Nations climate conference, COP27, to be held in November this year, panel members discussing the African Development Bank’s flagship report said this week.
A team from the African Development Bank Group, led by acting chief economist and vice president Kevin Urama, is in Washington D.C. to present the African Economic Outlook 2022, a flagship publication of the bank, to international thought leaders and other targeted bodies.
Under the theme, Supporting Climate Resilience and a Just Energy Transition in Africa, this year’s report highlighted climate change as a growing threat to the lives and livelihoods in Africa.
In a video message during one of the sessions hosted by the Atlantic Council, president and CEO of Bezos Earth Fund, Andrew Steer, urged African and world leaders to think bolder and work more creatively together as they prepare for COP 27, which will be held in Sharm El Sheikh from November 6 to 18.
Steer, a former World Bank Special Envoy for Climate Change, believes that COP27 gives the world an incredible opportunity to think big about Africa.
“We need to make it Africa’s COP. So, what the African Development Bank and the Atlantic Council are trying to do to raise awareness is exceedingly important,” Steer said.
He described the 2022 African Economic Outlook as “an excellent report”.
“It lays out beautifully this sobering time for Africa in particular, but actually for the whole world – a slowing world economy, the perfect storm of rising food prices and energy prices, interest rates, and shocking increases in the impact of climate change and green vulnerability at a time that international resources are not what they need to be,” Steer said.
In a presentation on the report, Urama called for policy coordination and a more holistic approach to tackling climate change.
“We have been losing 5% to 15% of GDP per capita growth in Africa because of climate change, and that is in addition to other issues that climate change is driving on the continent,” Urama said.
“Amid these difficulties lie opportunities for innovation. Let’s think big, act big, and save the the planet.”
“As we prepare for COP27, honouring the 2009 US$100bn yearly climate finance commitment that high-income countries promised to developing countries will help to restore confidence that we are serious about climate change, even though it is not enough.”
Deputy Assistant Administrator for Africa at the United States Agency for International Development Tyler Beckelman, said the African Economic Outlook “cogently and convincingly captures the very real and urgent challenges to realizing a just energy transition in Africa.”
“Make no mistake- the crisis is already here,” Beckelman said.
“Four failed rainy seasons in the Horn of Africa- with a fifth likely to occur this summer- is a direct result of a warming climate, and sadly, it may become the norm.”
He said the United States would ensure that its African partners have the ability and resources to develop the foundation for a sustainable and low-carbon economy that provides ample energy for growth.
He added: “While the challenges are enormous, we see plenty of reasons to be optimistic.
Sustained investments in adaptation and mitigation, through renewable energy and climate-smart land use practices, will help provide a pathway for African countries to develop innovative ways, building a more just and equitable future for people across the continent.”
Senior Director of the Atlantic Council, Africa Centre, Rama Yade, observed that it has become more important to look at Africa and climate change.
The event featured a panel discussion on the report, comprising Anthony Simpasa, Acting Manager of the African Development Bank’s Macroeconomic Policy, Debt Sustainability and Forecasting Division; Ayaan Adam, Senior Director and CEO of AFC Capital Partners at the Africa Finance Corporation; Jeffrey Krilla, Vice President for Global Public Policy and Government Affairs, Kosmos Energy; and Queen Quinn, Founding Partner at Kupanda Capital.
The event was an opportunity to appraise policy stakeholders in Washington DC on the key findings of the report as well as discuss priorities and actionable recommendations in the preparation and run-up to COP27.
COP27 comes as Africa is losing between US$7bn to US$15bn annually due to climate change.
The losses are estimated to hit US$50bn by 2040.
The huge losses also come as the continent is struggling to garner climate finance, despite accounting for 4% of greenhouse gas emissions.
It is estimated that Africa needs between US$1.3 trillion and US$1.6 trillion to address climate change in the period 2020 to 2030.
