Due to climate change, Africa suffers up to 5% loss of GDP. This is a remark made in Baku, Azerbaijan, by Claver Gatete, according to a press release published Thursday by the CEA.
During the celebration of Africa Day on the sidelines of COP29, which is being held under the theme “Increasing financing for climate change adaptation and green growth in Africa”, the Deputy Secretary-General of the United Nations and Executive Secretary of the ECA, Claver Gatete said that while African countries need adequate, predictable and accessible financing, the existing climate finance structure continues to perpetuate inequalities.
« Today, much of the available climate finance is disbursed as loans, not grants, exacerbating Africa’s already high debt levels said Claver Gatete, noting that Africa’s daily realities are getting worse.
To address our climate and economic challenges, the ECA presents five key policy priorities that chart the path towards a self-reliant and climate-resilient Africa. Claver Gatete argued that we must first leverage Africa’s essential minerals to drive green economic transformation.
Africa’s wealth of clean energy sources, combined with its essential minerals, has the potential to power a climate-resilient future. The battery and electric vehicle industries, expected to be worth trillions by 2050, demonstrate Africa’s strategic role in
the global ecological transition.
Through initiatives such as the collaboration between the Democratic Republic of Congo and Zambia on a special economic zone for battery value chains, Africa can play a leading role in clean energy production, create jobs and promote sustainable economic growth.
Secondly, he continued, it is imperative for us to improve Africa’s carbon capture potential through structured, nature-based solutions.
« African ecosystems, particularly the Congo Basin, have vast carbon storage capacity, which could mobilize up to $82 billion per year through high-integrity carbon credits “, he said, calling for the establishment of a solid and transparent system.
He said this is why the ECA supports initiatives such as the Congo Basin Climate Commission’s carbon market protocols to create a market that protects Africa’s interests and contributes to global climate goals. . We are replicating these efforts in the Sahel region and African island states.
Gatete also called for the establishment of the New Quantified Collective Goal (NCQG), based on real needs, estimated at $1.3 trillion for Africa.
« Available funding continues to be insufficient and our public finances must be supplemented with private funds to build resilience, protect diversity and foster climate-sensitive development “, he continued.
MG/abj/fss/Sf/te/APA
