AfDB unveils country-by-country report on Africa’s green financing needs

The African Development Bank(AfDB) Group has unveiled a country-by-country economic reportson Africa’s climate change and green growth financing needs.

The aim of the report is to guide African policymakers in their discussions during the 28th United Nations(UN) Conference on Climate Change (COP 28).

The bank in a statement said the global event would take place in Dubai, United Arab Emirates, from Nov. 30 to Dec. 12.

The News Agency of Nigeria (NAN) reports that the new Country Focus Reports (CFRs) provide analysis and policy recommendations to strengthen countries’ active participation at COP 28.

The theme of the reports is “Mobilising private sector finance for climate and green growth in Africa”.

The report foster policy dialogue on macroeconomic performance and outlook and provide insights on mobilising private sector and natural capital finance to drive the continent’s climate resilience and green growth policies.

Prof Kevin Urama, AfDB’s Chief Economist and Vice President, said the reports would evoke sound, practical and implementable policies to enhance private sector financing for climate change and green growth.

“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 and green transitions.

“The reports contain several short, medium, and long-term policies to accelerate African countries’ economic growth and build resilience to shocks. “They provide governments and potential investors with up-to-date, accurate data to inform policy and investment decisions,”Urama said

The vice president said climate change had been identified as one of the most pressing existential threats to Africa’s inclusive growth and sustainable development.

According to Urama, this year’s country reports explore opportunities to leverage private sector resources and natural capital to close the climate finance gap.

He said this would support the transition to inclusive, strong, and sustainable green growth.

According to Urama, expanding private sector participation in green growth markets requires several policy interventions, including strengthening the capacity to develop long-term green growth strategies.

He said that this includes the development of appropriate regulations and incentives, supporting project preparation and development, and developing more robust capital markets.