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By Victor MUJIDU
As the world gears up for the forthcoming 28th Nations Conference on Climate Change (COP28), nations are on the final touches of report preparation as they factor out the priorities to be debated at the summit.
In Africa, the Africa Development Bank has recently launched country-by-country reports with regard to the African climate status and the green growth financing that will be used as a guideline by policymakers during discussions at the summit.
In the event that will be held from 30th November to 12th December in Dubai, Africa will be submitting the reports (Country Focus Reports) as a reflection (memorandum) to their demands in pursuit of decarbonization and prevention of climate overshoot.
Themed “Mobilising Private Sector Finance for Climate and Green Growth in Africa”, the reports repurpose to foster dialogue on microeconomic performance and provide a brainstorm toward mobilization of the private sector and natural capital finance to compulsively help the continent to achieve climate resilience and green growth.
Commenting on the CFRs’ launch, the Chief Economist and Vice President of the African Development Bank Group, Prof Kevin Urama said they will set foot in front to draw out “sound, practical, and implementable policies” to enhance climate financing from the private sectors.
“As countries prepare for COP28, the reports provide each African country with independent, verified analysis and recommendations for evidence-based negotiations during the global conversation on climate finance transition and green transitions”, Mr. Urama said.
However, the Countries Focus Reports (CFRs) come amid an unhonored $100 billion finance promise of the previous COP27, in which, rich polluting countries were mandated to mobilize funds for low-and middle-income countries.
The failure has continued to undermine climate action and further expose the world to more havoc due to the escalation of global greenhouse emissions.
To avoid circumventions, the CFRs encompass short-, medium-, and long-term policies to accelerate African states’ economic growth and build a rebound to withstand any shocks. The reports provide up-to-date and accurate data to inform policy and investment decisions.
Further, the reports explore favors to leverage private sector resources and natural capital to close the climate finance gap and in return, support transitioning to inclusive, strong, and sustainable green growth.
On the other hand, the Africa Development Bank’s Acting Director, of Country Economics, Ferdinand Bakoup said the Focus Reports 2023 is the icon to build the African Economic Outlook launched in May and the subsequent Regional Economic Outlook launched in July 2023.
“The CFRs detailed country-level analysis and policy recommendations will impact policy design and future projects and programmes in African countries”, he said.
The collective outreach of the reports Africawise will help the Africa Development Bank to reduce the information imbalances that result from generalizing about countries across a very diverse continent. The African Economic Outlook 2023 (AEO) and the Regional Economic Outlook Reports highlight the resilience of several African economies despite global dynamics that affect the market operation.
The recent global pandemic (COVID-19), the persistent impact of climate change, the Russia-Ukraine war, rising debt vulnerabilities, and financial market volatility among other factors are the shocks well insighted in the reports for each country.