The Africa Finance Corporation (AFC), has unveiled three steps necessary to help Africa to combat climate change through impact development.
These include developing local industries by putting processing and manufacturing at the centre of sustainable circular economies; re-building ocean and river defences, infrastructure in transport, construction, electricity grids and off-grid energy; and more financial innovation to support resilient building and investment in localised mass-scale manufacturing and processing.
These are parts of the highlights of AFC’s new report, Roadmap to Africa’s COP: A Pragmatic Path to Net Zero, which sets out the continent’s stance by balancing the need for emissions reduction with critical development imperatives
Coming ahead of the COP27 UN Climate Change Conference in Egypt, the report is set within a context where Africa has borne the brunt of the most devastating impacts of climate change, while contributing little to global emissions.
It noted that this low carbon output reflects the continent’s crippling energy deficit, which has stymied industrialisation and economic development.
Accordingly, Africa, therefore, needs a realistic agenda for addressing climate change which allows the region to also continue advancing its industrial base.
We are advocating for consideration of Africa’s energy deficit and the need for quantum leaps in industrialisation for job creation and reducing poverty, as well as climate-proofing built infrastructure and protecting our powerful carbon sinks.
In a statement in Lagos yesterday, President/CEO, AFC, Samaila Zubairu, was quoted: “Africa is unlike any other continent when it comes to global net zero – and we need a blueprint for a common negotiating stance that reflects this.
“We are advocating for consideration of Africa’s energy deficit and the need for quantum leaps in industrialisation for job creation and reducing poverty, as well as climate-proofing built infrastructure and protecting our powerful carbon sinks.”
The report argues that while cutting emissions is vital for the more developed and highest polluting wealthier nations, there is a more limited universal impact to be gained from reducing the far lower emissions of sub-Saharan Africa.
Areas of change
The report concludes that African nations will drive a far greater effect in combatting global warming by focusing instead on these three significant areas of change.
On localising industries, the report notes that doing so will eliminate emission-spewing shipments of Africa’s minerals and other commodities to Asia for manufacturing and processing, only to be shipped again as finished goods to consumer markets.
However, it said that this requires closing Africa’s energy deficit. “While renewable sources are the ultimate goal, in the near-term Africa must exploit its abundant reserves of natural gas.
“Since much of Africa is already at net zero, such development can be achieved without contributing substantially to global carbon emissions, while channelling harmful gas flares from oil fields and reducing the use of more polluting fuels such as coal, diesel and firewood.
“Resultant job creation and economic growth will enable African nations to invest further in renewable sources.”
Investment in infrastructure will help the development of sustainable mining and the circular economies that drive growth and job creation.
In terms of rebuilding, the report said Africa is the most exposed region to the ravages of global warming largely because its infrastructure is ill equipped to withstand climate shocks.
Therefore, without intervention, the cost of structural damage caused by natural disasters in Africa will increase to $415 billion a year by 2030 from between $250 billion to $300 billion now, according to the UN Office for Disaster Risk Reduction.
The report added that investment in infrastructure will help the development of sustainable mining and the circular economies that drive growth and job creation.
On increased access to financial innovation (Finnovate), the report said the key to effecting change is ensuring that Africa-based institutions such as the AFC get access to essential climate funds.
“Financing is also needed to help preserve Africa’s vast carbon sinks, which absorb more carbon dioxide annually than any other region’s rainforests but are being depleted by local populations for firewood for cooking and heating.”
